A journal entry to record the purchase of supplies for $400 cash was properly prepared.The debit in the entry was properly posted to the related account.However,the credit in the entry was mistakenly recorded as a credit to the Supplies account.
Required:
Determine the impact of this error on the accounting equation.

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The Answer of A journal entry to record the purchase of supplies for $400 cash was properly prepared.The debit in the entry was properly posted to the related account.However,the credit in the entry was mistakenly recorded as a credit to the Supplies account.
Required:
Determine the impact of this error on the accounting equation.

A Journal Entry to Record the Purchase of Supplies for $400