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Prepare a correcting entry on december

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Reference no: EM132202311

Question - Patterson Company has employed a bookkeeper who is inexperienced. On December 30, after reviewing the records for the year, you discover the following error.

On May 1, Patterson Company purchased Supplies on account, $510. The bookkeeper recorded this by debiting Supplies Expense for $150 and crediting Cash for $150.

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 30. Make sure to enter the day for each separate transaction.

Reference no: EM132202311

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