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:

Phylum

A level of classification or taxonomic rank below Kingdom and above Class, used to group together organisms that share a common plan of basic structure.

Phylum

A level of classification or taxonomic rank below Kingdom and above Class, used to group organisms that share a basic body plan or significant characteristics.

Phylum

A rank in the biological classification system that is below kingdom and above class, used in the classification of organisms to group together related classes.

Phylum

A level of classification in the biological taxonomy that is one rank below kingdom and above class, grouping organisms based on general body plan.