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A purchase of supplies on account

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A purchase of supplies on account At Outersanctum 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 payment of $5,000 for salaries was recorded as a debit to Supplies Expense and a credit to Cash. b. A purchase of supplies on account for $1,000 was recorded as a debit to Equipment and a credit to Accounts Payable. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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