Answered

Explore Westonci.ca, the top Q&A platform where your questions are answered by professionals and enthusiasts alike. Get quick and reliable solutions to your questions from knowledgeable professionals on our comprehensive Q&A platform. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

The following errors took place in journalizing and posting transactions:
a. The receipt of $8,400 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned.
b. The purchase of supplies of $2,500 on account was recorded as a debit to Office Equipment and a credit to Supplies.
Journalize the entries to correct the errors. Omit explanations.

Sagot :

Answer: See explanation

Explanation:

The journal entry to correct the errors is given below:

a. Dr Cash $8400

Cr Account receivable $8400

b. Dr Supplies $2500

Cr Office equipment $2500

Dr Supplies $2500

Cr Account Payable $2500

Note that the first entry that's given in (b) above reverses the incorrect entry. On the other hand, the second entry simply records the correct entry.

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.