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In: Accounting

a $375 purchase of supplies on account was recorded by debiting supplies for $375 and crediting...

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?

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Expert Solution

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

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