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1.Correcting entriesCooper Company has employed a bookkeeper who is inexperienced. OnDecember 29, after reviewing the records for the year, you discover thefollowing error.On May 1, Cooper Company purchasedSupplieson account, $280. Thebookkeeper recorded this by debiting Supplies Expense for $820 andcreditingCashfor $820.Note:Assume that it is the company's policy to record the purchase ofsupplies in the Supplies account.Required:Prepare acorrecting entryon December 29. Make sure to enter the dayfor each separate transaction.Bobby Rivera 10/31/2015 1:19:16 PM EDTPrinciples of Accounting (Corporation) / 1158 ACC100 FALL 2015 &ndash;ACC100061VA0161158001 (Accounting (ADAMS)
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There are two errors in this problem.First, in the amount of the entry, the first two digits are transposed.
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Accounting, Account title, supplies expense, Cooper Company