Question: At Shaffer Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries. 1. A collection on account

At Shaffer Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries.
1. A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870.
2. The purchase of store supplies on account for $1,570 was recorded as a debit to Supplies $1,750 and a credit to Accounts Payable $1,750.

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