ACC100 ALEKS WEEK 4 Correcting entries 5 - Print...

Print
Correcting entries
Hughes Company has employed a bookkeeper who is
inexperienced. On December 28, after reviewing the records for
the year, you discover the following error.
On May 1, Hughes Company purchased Supplies on account,
$150. The bookkeeper recorded this by debiting Supplies
Expense for $510 and crediting Cash for $510.
Note: Assume that it is the company's policy to record the
purchase of supplies in the Supplies account.
Required:
Prepare a correcting entry on December 28. Make sure to enter
the day for each separate transaction.
On May 1, Hughes Company purchased $150 worth of supplies on account to be used in the
future. Supplies Expense was debited for $510, and Cash was credited for $510.
Click on the following for more
information:
" Unearned Revenue ", " Accounts
Payable " and " Accounts Receivable ".

There are two errors in this problem.
First, in the amount of the entry, the first two digits are transposed.