journalize the entries to correct the following errors:\na. a purchase of supplies for $268 on account was…

journalize the entries to correct the following errors:\na. a purchase of supplies for $268 on account was recorded and posted as a debit to supplies for $521 and as a credit to accounts receivable for $521. (record the entry to reverse the error first.) if an amount box does not require an entry, leave it blank.\nb. a receipt of $4,848 from fees earned was recorded and posted as a debit to fees earned for $4,848 and a credit to cash for $4,848. if an amount box does not require an entry, leave it blank.

journalize the entries to correct the following errors:\na. a purchase of supplies for $268 on account was recorded and posted as a debit to supplies for $521 and as a credit to accounts receivable for $521. (record the entry to reverse the error first.) if an amount box does not require an entry, leave it blank.\nb. a receipt of $4,848 from fees earned was recorded and posted as a debit to fees earned for $4,848 and a credit to cash for $4,848. if an amount box does not require an entry, leave it blank.

Answer

Explanation:

Step1: Reverse the incorrect entry for supplies purchase

The incorrect entry debited Supplies and credited Accounts Receivable. To reverse it, we debit Accounts Receivable and credit Supplies for the incorrect amount of $521.

Account Title Debit Credit
Accounts Receivable $521
Supplies $521

Step2: Record the correct entry for supplies purchase

The correct entry for a $268 supplies purchase on account should debit Supplies and credit Accounts Payable.

Account Title Debit Credit
Supplies $268
Accounts Payable $268

Step3: Reverse the incorrect entry for fees - earned receipt

The incorrect entry debited Fees Earned and credited Cash. To reverse it, we debit Cash and credit Fees Earned for $4,848.

Account Title Debit Credit
Cash $4,848
Fees Earned $4,848

Step4: Record the correct entry for fees - earned receipt

The correct entry for a receipt of $4,848 from Fees Earned should debit Cash and credit Fees Earned.

Account Title Debit Credit
Cash $4,848
Fees Earned $4,848

Answer:

For part a: Reverse entry: Debit: Accounts Receivable $521 Credit: Supplies $521 Correct entry: Debit: Supplies $268 Credit: Accounts Payable $268 For part b: Reverse entry: Debit: Cash $4,848 Credit: Fees Earned $4,848 Correct entry: Debit: Cash $4,848 Credit: Fees Earned $4,848