Supplies purchased on account were incorrectly recorded as Office Equipment. The correcting entry would be
A) Supplies, debit; Office Equipment, credit.
B) Accounts Receivable, debit; Supplies, credit.
C) Office Equipment, debit; Supplies Expense, credit.
D) Supplies, debit; Accounts Payable, credit.

Question

Quizplus · Accepted Answer

The correcting entry should reverse the incorrect entry and record the correct one. Supplies should be debited to increase the supplies account, and Office Equipment should be credited to decrease the incorrect account.

Supplies Purchased on Account Were Incorrectly Recorded as Office Equipment