Reference no: EM132774216

Problem 1: Prepare the necessary correcting entry for each of the following.

a. A collection on account of $350 from a customer was credited to Accounts Receivable $530 and debited to Cash $530.

b. The purchase of supplies on account for $310 was recorded as a debit to Equipment $310 and a credit to Accounts Payable $310.

c A check for $950 from S. Wilde, a customer on account, was debited to Cash $950 and credited to Service Revenue, $950.

d. A payment for Advertising Expense costing $720 was debited to Utilities Expense, $270 and credited to Cash $270.

e. A bill for $950 for Supplies purchased on account was debited to Equipment, $590 and credited to Accounts Payable $590.