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:

Situation

The physical, social, and cultural circumstances or surroundings that define the phenomenon of interest.

Social Scientists

Researchers or experts who study human society and social relationships through various methodologies.

Hawthorne Effect

The alteration of behavior by the subjects of a study due to their awareness of being observed.

Social Scientists

Researchers and scholars who study human society and social relationships, often focusing on cultural, economic, political, and psychological aspects.