Prepare the Necessary Correcting Entry for Each of the Following

question 196

Essay

Prepare the necessary correcting entry for each of the following.
a. A collection on account of $350 from a customer was credited to Accounts Receivable $530 and debited to Cash $530.
b. The purchase of supplies on account for $310 was recorded as a debit to Equipment $310 and a credit to Accounts Payable $310.

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Definitions:

Heuristics

Mental shortcuts or rules of thumb that simplify decision making, often helpful but sometimes leading to cognitive biases.

Problem Solving

A mental process involving the discovery, analysis, and resolution of problems to overcome obstacles.

Verbal Skills

The ability to communicate effectively through spoken or written language.

Math Skills

The ability to understand, use, and manipulate numbers and mathematical concepts.