Journalize the entries to correct the following errors:
(a)A purchase of supplies for $500 on account was recorded and posted as a debit to Supplies for $200 and as a credit to Accounts Receivable for $200.(b)A receipt of $2,500 from fees earned was recorded and posted as a debit to Fees Earned for $2,500 and a credit to Cash for $2,500.
What will be an ideal response?
| (a) | Accounts Receivable | 200 | |
| Supplies | 200 | ||
| Supplies | 500 | ||
| Accounts Payable | 500 | ||
| (b) | Cash | 5,000 | |
| Fees Earned | 5,000 | ||
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