Prepare the Necessary Correcting Entry for Each of the Following

question 129

Essay

Prepare the necessary correcting entry for each of the following.
a. A collection on account of $370 from a customer was credited to Accounts Receivable $730 and debited to Cash $730.
b. The purchase of supplies on account for $250 was recorded as a debit to Equipment $250 and a credit to Accounts Payable $250.

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Definitions:

Assertiveness

The quality of being self-assured and confident without being aggressive.

Cooperativeness

Cooperativeness is a disposition or willingness to work together with others towards common goals or interests, often characterized by mutual support and teamwork.

Communication Problems

Instances or situations where the transmission or exchange of information is hindered, leading to misunderstandings or failures in conveying messages effectively.

Multicultural Workforce

A diverse employment population that incorporates individuals from various cultural, ethnic, and racial backgrounds.