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Prepare the correcting entries

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Reference no: EM132251563

Question - At Concord Company, the following errors were discovered after the transactions had been journalized and posted.

1. A collection on account from a customer for $930 was recorded as a debit to Cash $930 and a credit to Service Revenue $930.

2. The purchase of store supplies on account for $1,180 was recorded as a debit to Supplies $1,570 and a credit to Accounts Payable $1,570.

Prepare the correcting entries.

Reference no: EM132251563

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