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PrintCorrecting entriesRogers Company has employed a bookkeeper who isinexperienced. On December 30, after reviewing the records forthe year, you discover the following error.On May 1, Rogers Company purchasedSupplieson account,$840. The bookkeeper recorded this by debiting SuppliesExpense for $480 and creditingCashfor $480.Note:Assume that it is the company's policy to record thepurchase of supplies in the Supplies account.Required:Prepare acorrecting entryon December 30. Make sure to enterthe day for each separate transaction.On May 1, Rogers Company purchased $840 worth of supplies on account to be used in thefuture. Supplies Expense was debited for $480, andCashwas credited for $480.Click on the following for moreinformation:"Unearned Revenue", "AccountsPayable" and "Accounts Receivable".
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There are two errors in this problem.First, in the amount of the entry, the first two digits are transposed.