Journalize the Entries to Correct the Following Errors

question 28

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:

Personal Qualities

The characteristics, traits, or attributes that define an individual's personality and behavior.

Responsibility

An obligation to carry out duties or tasks effectively and being accountable for the outcomes.

Outcomes

are the results or consequences of actions taken by individuals or organizations.

Perceptions

The process of becoming aware of something via the senses; a way of understanding or interpreting something.