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?

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

ekkarill92 answered 3 years ago

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