Question

Journalize the entries to correct the following errors: a. A purchase of supplies for $115 on account was recorded and posted as a debit to Supplies for $482 and as a credit to Accounts Receivable for $482. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank.

Answer 1

Answer:

Dr Account Receivable $482

Cr Supplies $482

Dr Supplies $115

Cr Account Receivable $155

Explanation:

Preparation of the journal entries to Record the entry to reverse the error first.

Dr Account Receivable $482

Cr Supplies $482

Dr Supplies $115

Cr Account Receivable $155

(To Record the entry to reverse the error first)