Application Problem Journalizing correcting entries and correcting posting errorsLO$7,8$The following errors were discovered after the incorrect entries were alreadyjournalized and posted.Transactions:Aug. $1.$ Discovered that a transaction for utilities expense was journalized and postedin error as a debit to Repairs Expense instead of Utilities Expense, $$530\mathrm{.}00.$ M$66\mathrm{.}5.$ Discovered that a cash investment by Vivian Lynum, owner, was journalized andposted in error as a credit to Sales instead of Vivian Lynum, Capital, $$1,200\mathrm{.}00.$ M$67.$Instructions:$1.$ Journalize each correcting entry discovered during August of the current year. Usepage $15$ of the journal given in the Working Papers$\mathrm{.}2.$ It was also discovered that two posting errors were made in the Supplies account.The July $6$ entry amount should have been $$360\mathrm{.}00.$ The July $30$ entry included a creditto the Supplies account for $$140\mathrm{.}00$ that should have been a debit. Using the accountprovided in the Working Papers and the information given, correct the two postingerrors.