PE 2-7B. Correcting EntriesOBJ. 4EE 2-7 p. 80 The following errors took place in journalizing and posting transactions:The receipt of $10,700 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned.The purchase of supplies of $4,300 on account was recorded as a debit to Office Equipment and a credit to Supplies.Journalize the entries to correct the errors. Omit explanations.

Journal entries refer to the recording of transaction in an appropriate way. With the help of…

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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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PE 2-7B. Correcting Entries

OBJ. 4

EE 2-7 p. 80 The following errors took place in journalizing and posting transactions:
1. The receipt of $10,700 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned.
2. The purchase of supplies of $4,300 on account was recorded as a debit to Office Equipment and a credit to Supplies.
Journalize the entries to correct the errors. Omit explanations.

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