Prepare the Necessary Correcting Entry for Each of the Following

question 163

Essay

Prepare the necessary correcting entry for each of the following.
a. A payment of $5000 for salaries was recorded as a debit to Supplies Expense and a credit to Cash.
b. A purchase of supplies on account for $1000 was recorded as a debit to Equipment and a credit to Accounts Payable.

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Definitions:

Abnormal Behaviors

are actions or behaviors that deviate significantly from what is considered typical or normal within a culture or society, often indicating a possible psychological disorder.

Psychoanalytic Model

A psychological framework which posits that human behavior is driven by unconscious desires, wishes, and conflicts, developed by Sigmund Freud.

Phobia

An intense, irrational fear of specific objects, situations, or activities that leads to avoidance behavior.

Punished

A consequence that decreases the likelihood of a behavior occurring in the future.