The purchase of supplies on account for $550 was debited to equipment $55 and credited to accounts payable $55
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The purchase of supplies on account for $550 was debited to equipment $55 and credited to accounts payable $55
What was done:
Dr. Equipment 55
Cr. AP 55
What should have been done:
Dr. Supplies 550
Cr. AP 550
What needs to be done to correct it:
Dr. Supplies 550
Cr. Equipment 55
Dr. AP 495
Dr. Supplies 55
Cr. Accounts payable 55
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