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:

Acquisition

The process of learning or obtaining new information, skills, or responses.

Unconditioned

In behavioral psychology, refers to stimuli or responses that are natural and do not require learning to manifest.

Conditioned

The process by which an individual's behavioral response is learned or modified through experience or training.

Learned

Acquired knowledge or skills through experience, study, or being taught.