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Journalize the entries to correct the following errors: a. A purchase of supplies for $500 on account was recorded and posted as a debit to Supplies for $200 and as a credit to Accounts Receivable for $200. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. b. A receipt of $2,500 from Fees Earned was recorded and posted as a debit to Fees Earned for $2,500 and a credit to Cash for $2,500. If an amount box does not require an entry, leave it blank.

Journalize the entries to correct the following errors: a. A purchase of supplies for $500 on account was recorded and posted as a debit to Supplies for $200 and as a credit to Accounts Receivable for $200. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. b. A receipt of $2,500 from Fees Earned was recorded and posted as a debit to Fees Earned for $2,500 and a credit to Cash for $2,500. If an amount box does not require an entry, leave it blank.

FINANCIAL ACCOUNTING
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 $500 on account was recorded and posted as a debit to Supplies for $200 and as a credit to Accounts Receivable for $200. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. b. A receipt of $2,500 from Fees Earned was recorded and posted as a debit to Fees Earned for $2,500 and a credit to Cash for $2,500. If an amount box does not require an entry, leave it blank.
Transcribed Image Text:Journalize the entries to correct the following errors: a. A purchase of supplies for $500 on account was recorded and posted as a debit to Supplies for $200 and as a credit to Accounts Receivable for $200. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. b. A receipt of $2,500 from Fees Earned was recorded and posted as a debit to Fees Earned for $2,500 and a credit to Cash for $2,500. If an amount box does not require an entry, leave it blank.
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