Suppose a company made the following journal entry to pay for supplies purchased: Is this an error?

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Suppose a company made the following journal entry to pay for supplies purchased:

Is this an error? If so, correct the error using both methods shown in this chapter. Provide an explanation for each journal entry.

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Horngrens Accounting Volume 1

ISBN: 9780135359709

11th Canadian Edition

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood

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Question Posted: Mar 31, 2017 03:06 PM

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Suppose a company made the following journal entry to pay for supplies purchased: Is this an error?

Question:

200 Mar. 31 Accounts Receivable Cash 200 To pay for supplies purchased on account.

Step by Step Answer:

Journal DATE ACCOUNT TITLES AND EXPLANATIONS POST REF DEBIT CREDIT SINGLE ENTRY ...View the full answer

Horngrens Accounting Volume 1

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