The following errors took place in journalizing and posting transactions: a. A $550 purchase of supplies on
Question:
The following errors took place in journalizing and posting transactions:
a. A $550 purchase of supplies on account was recorded as a debit to Miscellaneous Expense and a credit to Prepaid Rent.
b. Cash of $3,750 received on account was recorded as a debit to Accounts Payable and a credit to Cash.
Journalize the entries to correct the errors. Omit explanations.
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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Related Book For 
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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