ACC100 ALEKS WEEK 4 Correcting Entries -...

1.
Correcting entries
Cooper Company has employed a bookkeeper who is inexperienced. On
December 29, after reviewing the records for the year, you discover the
following error.
On May 1, Cooper Company purchased Supplies on account, $280. The
bookkeeper recorded this by debiting Supplies Expense for $820 and
crediting Cash for $820.
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 29. Make sure to enter the day
for each separate transaction.
Bobby Rivera ­ 10/31/2015 1:19:16 PM EDT
Principles of Accounting (Corporation) / 1158 ACC100 FALL 2015 –
ACC100061VA016­1158­001 (Accounting (ADAMS)

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