In journalizing and posting the entry to record the purchase of supplies for cash, the accounts payable account was credited in error What is the preferred procedure to correct this error ...

The preferred procedure would be an offsetting journal ent ...

In journalizing and posting the entry to record the purchase of supplies for cash, the accounts payable

Question:

In journalizing and posting the entry to record the purchase of supplies for cash, the account was credited in error. What is the preferred procedure to correct this error?

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...