In: Accounting
a $375 purchase of supplies on account was recorded by debiting supplies for $375 and crediting cash for $375. what journal entry is needed to correct this error?
Ans:
Accounting Entry | Debit | Credit |
Entry already Passed | ||
Supplies | $ 375.00 | |
Cash | $ 375.00 | |
Entry need to be pass | ||
Supplies | $ 375.00 | |
Accounts payable | $ 375.00 | |
Rectification Entry is for correcting | ||
the Error | ||
Cash | $ 375.00 | |
Accounts Payable | $ 375.00 | |
(being rectification entry passed |