Question

At Westglow Company, the following errors were discovered after the transactions had been journalized and posted....

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 $1,250 was recorded as a debit to Supplies for $1,550 and a credit to Accounts Payable for

$1,550.

PLEASE EXPLAIN IN DETAIL.

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