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

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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:

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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
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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:

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