InstructionsOn July 15, it was discovered that the following errors took place in journalizing and posting transactions:a. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned.b. The purchase of supplies of $2,600 on account was recorded as a debit to Office Equipment and a credit to Supplies.Journalize the entries on July 15 to correct the errors. Use two entries to correct the error described in (b). (That is, record an entry to reverse the incorrectentry and a second entry to record the correct entry.) Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not uselines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when acredit amount is entered.hpESMar 184:13 Journalournalize the entries on July 15 to correct the errors. Use two entries to correct the error described in (b). (That is, record an entry to reverse the incorrect entrsecond entry to record the correct entry.) Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal eEvery line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.123DATEJul 15ODESCRIPTIONMhpJOURNALPOST. REF.DEBITCREDITESACCOUNTING FOLLAASSETSMar 18LIABILITIES4:13

Errors in the initial journal entries that were entered into the accounting system can be fixed by…

On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned. b. The purchase of supplies of $2,600 on account was recorded as a debit to Office Equipment and a credit to Supplies. Journalize the entries on July 15 to correct the errors. Use two entries to correct the error described in (b). (That is, record an entry to reverse the entry and a second entry to record the correct entry) Refer to the

On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned. b. The purchase of supplies of $2,600 on account was recorded as a debit to Office Equipment and a credit to Supplies. Journalize the entries on July 15 to correct the errors. Use two entries to correct the error described in (b). (That is, record an entry to reverse the entry and a second entry to record the correct entry) Refer to the

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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