After all journal entries have been posted, Levi Hancock finds that errors have been made in recording some company transactions. Help Levi prepare correcting journal entries for each of the following errors.
1. The following journal entry was made to record the purchase of supplies for \($700\) cash.

2. The following journal entry was made to record the cash payment of \($1,850\) for prepaid rent.

3. The following journal entry was made to record the cash receipt of \($2,000\) for consulting services.

4. The following journal entry was made to record the cash payment of \($1,375\) for utilities expense.

Transcribed Image Text:

Equipment 700 Cash 700