a. A purchase of supplies for $127 on account was recorded and posted as a debit...

a.	A purchase of supplies for $127 on account was recorded and posted as a debit to Supplies for $410 and as a credit to Accounts Receivable for $410.
b.	A receipt of $5,189 from Fees Earned was recorded and posted as a debit to Fees Earned for $5,189 and a credit to Cash for $5,189.

	Required:
	Journalize the entries to correct the above errors. Refer to the Chart of Accounts for exact wording of account titles.

Expert Solution

Correcting entry

No	General journal	Debit	Credit
a	Account receivable	410
	Supplies (410-127)		283
	Account payable		127

b	Cash (5189*2)	10378
	Fees earned		10378

ekkarill92 answered 2 years ago

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