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Third question: you are required to write the correcting entry for the following errors: 1. X company purchased supplies costing 700% paid in cash. The

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Third question: you are required to write the correcting entry for the following errors: 1. X company purchased supplies costing 700% paid in cash. The transaction was recorded as debit to supplies 70s and credit to cash 70$ 2. X company received 4,000$ as payment of an account due. The transaction was recorded as debit to cash 4,000$ and credit to account payable 4,000$

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