The following journal entry (incorrectly)recorded the purchase of office supplies for $1,200 on credit: What entry or entries best correct and document the correction of this error?
A) None required.The original entry above is correct.

Question

The following journal entry (incorrectly)recorded the purchase of office supplies for $1,200 on credit:  What entry or entries best correct and document the correction of this error?
A) None required.The original entry above is correct.

Quizplus · Accepted Answer

To correct the error, we need to make a journal entry that debits the Office Supplies account and credits Accounts Payable account. Therefore, option B is the correct choice as it records the correct entry.

The Following Journal Entry (Incorrectly)recorded the Purchase of Office Supplies