The purchase of supplies on account for $40 was debited to Supplies $400 and credited to Accounts Payable $400. The correcting entry to correct this error will be: Dr. Supplies 360 Cr. Account payable 360 Dr. Account payable 400 Cr. Supplies 400 Dr. Account payable 360 Cr. Supplies 360 O Dr. Supplies 40 Cr. Account payable 40