At Westglow 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 collection on account of ₤500 was debited to Cash €500 and credited to Service Revenue ₤500.
b. The purchase of supplies on account for ₤1,270 was recorded as a debit to Supplies for ₤1,720 and a credit to Accounts Payable for ₤1,720.

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The Answer of At Westglow 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 collection on account of ₤500 was debited to Cash €500 and credited to Service Revenue ₤500.
b. The purchase of supplies on account for ₤1,270 was recorded as a debit to Supplies for ₤1,720 and a credit to Accounts Payable for ₤1,720.

At Westglow Company, the Following Errors Were Discovered After the Transactions