At Outersanctum Company, the Following Errors Were Discovered After the Transactions

question 54

Essay

At Outersanctum Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the necessary correcting entry for each of the following.
a. A payment of $5,000 for salaries was recorded as a debit to Supplies Expense and a credit to Cash.
b. A purchase of supplies on account for $1,000 was recorded as a debit to Equipment and a credit to Accounts Payable.

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Definitions:

Marital Rape

The act of sexual assault by a spouse, recognizing it as a form of domestic violence and a criminal offense.

Vaginal Penetration

The act of inserting an object, such as a penis, finger, or sex toy, into the vagina for sexual stimulation or reproductive purposes.

Anal Intercourse

Anal intercourse is a sexual practice that involves inserting the penis into the anus of a partner.

Abused Women

Females who have experienced physical, emotional, sexual, or psychological harm by a partner, family member, or someone in their environment.