Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on august 1, supplies were purchased; accounts pay

On August 1, supplies were purchased; Accounts Payable was debited and Supplies credited for $1,500. The...

50.1K

Verified Solution

Question

Accounting

On August 1, supplies were purchased; Accounts Payable wasdebited and Supplies credited for $1,500. The account was due inOctober, and $700 of these supplies were on hand at the end ofAugust. The entry to correct the accounts at August 31:

Answer & Explanation Solved by verified expert
3.7 Ratings (549 Votes)
The correct entry to record the transactions when supplies are purchased would be a debit to Supplies and a credit to accounts payable But this has been recorded wrongly as given in the question The errors include Accounts payable being debited by 1500 when    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

On August 1, supplies were purchased; Accounts Payable wasdebited and Supplies credited for $1,500. The account was due inOctober, and $700 of these supplies were on hand at the end ofAugust. The entry to correct the accounts at August 31:

Other questions asked by students

Q

A water treatment plant has three identical horizontal shaft flocculation tanks. Each tank is composed of...

Civil Engineering
Q

A vector t has initial point (3,-6) and terminal point (4,-2).

Basic Math
Q

e the correct answer below ue alse

Statistics
Q

For mutually exclusive events R R and R we have P R 0 05 P...

Algebra
Q

1 1 We put V v1 2 and W 3 Let t and w a...

Algebra
Q

0 15 2 35 V 30 13 5 20 34 X The sample with the...

Algebra
Q

Variances- good, bad, indifferent. What difference does it make if it all comes out with...

Accounting
Q

WALLACE RIVER COMPANY Cost and Sales Information For the Year Ended December 31 Purchases of...

Accounting
Q

The difference between the applied overhead and the budgeted overhead is the _____. a.fixed factory...

Accounting
Q

The Mercury, Capital accounts are offre designs made balance in the Mercury Call countries are...

Accounting
Q

Consider the three stocks in the following table. Pt represents price at time t, and...

Finance
Q

The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets...

Accounting