Prepare the correcting entries

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Question - Oriole Company has an inexperienced accountant. During the first two weeks on the job, the accountant made the following errors in journalizing transactions. All incorrect entries were posted.

1. A payment on account of $700 to a creditor was debited $580 to Accounts Payable and credited $580 to Cash.

2. The purchase of supplies on account for $510 was not recorded.

3. A $310 withdrawal of cash for L. Oriole's personal use was debited $310 to Salaries Expense and credited $310 to Cash.

4. Received $700 cash from a customer on account. Cash was debited $700 and Service Revenue was credited $700.

5. A customer was billed $410 for services provided. Accounts Receivable was debited $410 and Unearned Revenue was credited $410.

Required - Prepare the correcting entries.

Reference no: EM132893702

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