Prepare the necessary correcting entry for each of the following.
a. A collection on account of $370 from a customer was credited to Accounts Receivable $730 and debited to Cash $730.
b. The purchase of supplies on account for $250 was recorded as a debit to Equipment $250 and a credit to Accounts Payable $250.

Question

Quizplus · Accepted Answer

The Answer of Prepare the necessary correcting entry for each of the following.
a. A collection on account of $370 from a customer was credited to Accounts Receivable $730 and debited to Cash $730.
b. The purchase of supplies on account for $250 was recorded as a debit to Equipment $250 and a credit to Accounts Payable $250.

Prepare the Necessary Correcting Entry for Each of the Following