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

what can cause a false outcome with gram-positive bacteria? method? technique? the age? thr orgsnism itself?...

Biology
Q

Discuss the impact of prejudice and persuasion within a social context. How do the emotions, beliefs, and...

Programming
Q

how media convergence can be synergistic with scalability of the number of user's in a VoIP...

Electrical Engineering
Q

A plane sound wave is generated in a medium along the x axis whose equation...

Physics
Q

Exercises 9 12 12 Given Find E Right ADEF with m E EF 12V 3...

Geometry
Q

An account is opened with an initial deposit of $11000 and earns 3% interest compounded...

Basic Math
Q

Without graphing the function y = - 10 sin(6x), determine its amplitude and period. Leave...

Calculus
Q

Comprehensive Problem 2 - Part 1: Taxpayer information, Form 1040, Schedule 1, Schedule 4, Schedule...

Accounting
Q

What is the difference between a general partnership and a limited liability company? When might...

Accounting
Q

During the current month, a company that uses job order costing purchases $64,000 in raw...

Accounting
Q

With the following information calculate the GDP for nation X The country's spending on...

Accounting
Q

Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of...

Finance