Prepare the necessary correcting entry for each of purchase

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Reference no: EM132725033

Problem 1: At Westglow Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the necessary correcting entry for each of the following.

a. A collection on account of £500 was debited to Cash €500 and credited to Service Revenue £500.

b. The purchase of supplies on account for £1,270 was recorded as a debit to Supplies for £1,720 and a credit to Accounts Payable for £1,720

Reference no: EM132725033

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