Prepare the necessary correcting entry for each of the following.
a. A payment of $5000 for salaries was recorded as a debit to Supplies Expense and a credit to Cash.
b. A purchase of supplies on account for $1000 was recorded as a debit to Equipment and a credit to Accounts Payable.

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The Answer of Prepare the necessary correcting entry for each of the following.
a. A payment of $5000 for salaries was recorded as a debit to Supplies Expense and a credit to Cash.
b. A purchase of supplies on account for $1000 was recorded as a debit to Equipment and a credit to Accounts Payable.

Prepare the Necessary Correcting Entry for Each of the Following