Reference no: EM132727214
Problem 1: A business hired an inexperienced accountant. During the first two weeks on the job, the accountant made the following mistake while making journal entries. For the purchase of equipment on account for $950, Supplies was debited $590, and Accounts Payable was credited $590. What correcting entry is needed to fix this error?
a. Debit Equipment, $950, Credit Accounts Payable $950.
b. Debit Accounts Payable, $590, Debit Supplies, $360, Credit Equipment, $950.
c. Debit Equipment, $950, Credit Supplies, $590, Credit Accounts Payable, $360.
d. Debit Equipment, $950, Credit Accounts Payable, $590, Credit Supplies, $360
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