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    sam33's Avatar
    sam33 Posts: 9, Reputation: 1
    New Member
    		  
    #1

    Feb 28, 2007, 11:05 AM
    Prepare correcting entries
    The purchase of supplies on account for $550 was debited to equipment $55 and credited to accounts payable $55
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Feb 28, 2007, 08:42 PM
    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
    riannefaye's Avatar
    riannefaye Posts: 1, Reputation: 0
    New Member
    		  
    #3

    Mar 21, 2011, 06:03 AM
    Dr. Supplies 55
    Cr. Accounts payable 55
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