Journalize the Entries to Correct the Following Errors

question 102

Essay

Journalize the entries to correct the following errors:
(a)A purchase of supplies for $500 on account was recorded and posted as a debit to Supplies for $200 and as a credit to Accounts Receivable for $200.
(b)A receipt of $2,500 from Fees Earned was recorded and posted as a debit to Fees Earned for $2,500 and a credit to Cash for $2,500.

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Definitions:

Selection Methods

Processes and techniques used by organizations to evaluate and choose candidates for employment or other roles.

Predict

To forecast future events or trends based on current or past data.

Economic Value

Definition: The worth of a good or service as determined by the market, reflecting its ability to meet a need or desire.

Cognitive Ability

The mental capacity for processing information, applying knowledge, and changing preferences or behavior based on knowledge or reasoning.