Journalize the entries to correct the following errors:a. A purchase of supplies for $158 on account was recorded and posted as a debit to Supplies for $513 and as a credit to Accounts Receivable for $513. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. - Select -- Select - - Select -- Select - - Select -- Select - - Select -- Select - b. A receipt of $4,068 from Fees Earned was recorded and posted as a debit to Fees Earned for $4,068 and a credit to Cash for $4,068. If an amount box does not require an entry, leave it blank. - Select -- Select - - Select -- Select -

a. Accounts title Debit Credit Accounts receivable 513 Supplies 513 Supplies 158…

Answered: A purchase of supplies for $158 on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journalize the entries to correct the following errors:

a. A purchase of supplies for $158 on account was recorded and posted as a debit to Supplies for $513 and as a credit to Accounts Receivable for $513. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank.

		- Select -	- Select -
		- Select -	- Select -
		- Select -	- Select -
		- Select -	- Select -

b. A receipt of $4,068 from Fees Earned was recorded and posted as a debit to Fees Earned for $4,068 and a credit to Cash for $4,068. If an amount box does not require an entry, leave it blank.

		- Select -	- Select -
		- Select -	- Select -

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