a. Cash of $8,800 received on account was recorded as a debit to Fees Earned and a credit to Cash.
b. A $1,760 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable.
Journalize the entries to correct the errors. Omit explanations.
Answer:
Cash 17,600 Fees Earned 8,800 Accounts Receivable 8,800 Accounts Payable* 1,760 Supplies Expense 1,760 Ex. 2–22 a. b. Supplies 1,760 Cash 1,760
* The first entry reverses the original entry. The second entry is the entry that should have been made initially.