Prepare the necessary correcting entry for each of the following.
a. A collection on account of $350 from a customer was credited to Accounts Receivable $530 and debited to Cash $530.
b. The purchase of supplies on account for $310 was recorded as a debit to Equipment $310 and a credit to Accounts Payable $310.

Question

Quizplus · Accepted Answer

The Answer of Prepare the necessary correcting entry for each of the following.
a. A collection on account of $350 from a customer was credited to Accounts Receivable $530 and debited to Cash $530.
b. The purchase of supplies on account for $310 was recorded as a debit to Equipment $310 and a credit to Accounts Payable $310.

Prepare the Necessary Correcting Entry for Each of the Following