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Problem - Correcting Entries
The following errors were made in journalizing and posting transactions in May in the Silas Company.
1. A $600 payment for repairs incurred on account and properly recorded in April was debited to Maintenance and Repairs Expense $600 and credited to Cash $600.
2. A collection of $6,000 on account from a customer was recorded as a debit to Cash $600 and a credit to Accounts Receivable $600.
3. A bill for $930 for new office equipment was debited to Supplies $390 and credited to Accounts Payable $390.
4. The receipt of $800 from a customer for future service was recorded as a debit to Accounts Receivable $800 and a credit to Service Revenue $800.
Instructions - Prepare the correcting entries at May 31 assuming the incorrect entry is not reversed.
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