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Prepare the correcting entries - purchase of store supplies

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Reference no: EM13550339

At Fred's Fish Chips, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries.

1. A collection on account from a customer for $850 was recorded as a debit to Cash of $850 and a credit to Service Revenue of $850.

2. The purchase of store supplies on account for $2,340 was recorded as a debit to Store Supplies of $2,430 and a credit to Accounts Payable of $2,430.

Reference no: EM13550339

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