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

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PrintCorrecting entriesHughes Company has employed a bookkeeper who isinexperienced. On December 28, after reviewing the records forthe year, you discover the following error.On May 1, Hughes Company purchasedSupplieson account,$150. The bookkeeper recorded this by debiting SuppliesExpense for $510 and creditingCashfor $510.Note:Assume that it is the company's policy to record thepurchase of supplies in the Supplies account.Required:Prepare acorrecting entryon December 28. Make sure to enterthe day for each separate transaction.On May 1, Hughes Company purchased $150 worth of supplies on account to be used in thefuture. Supplies Expense was debited for $510, andCashwas credited for $510.Click on the following for moreinformation:"Unearned Revenue", "AccountsPayable" and "Accounts Receivable".
There are two errors in this problem.First, in the amount of the entry, the first two digits are transposed.
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Term
Summer
Professor
BEISER
Tags
Accounting, Revenue, invoice, Accounting software, supplies expense

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