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

question 86

Essay

At Westglow 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 collection on account of ₤500 was debited to Cash €500 and credited to Service Revenue ₤500.
b. The purchase of supplies on account for ₤1,270 was recorded as a debit to Supplies for ₤1,720 and a credit to Accounts Payable for ₤1,720.

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Definitions:

Job Performance

The evaluation of an employee's effectiveness and efficiency in executing their job duties.

Personal Qualifications

The sum of an individual's abilities, experiences, and attributes deemed suitable for a particular role or job.

Cultural Awareness

The understanding and sensitivity to the values, beliefs, practices, and cultural differences of other people.

Empathy

The ability to understand and share the feelings of another person, fostering a deeper emotional connection.