Question: Problem#1 Prepare the necessary correcting entry for each of the following. a. A payment of $5,000 for salaries was recorded as a debit to Supplies

Problem#1

Prepare the necessary correcting entry for each of the following.

a. A payment of $5,000 for salaries was recorded as a debit to Supplies Expense and a credit to

Cash.

b. A purchase of supplies on account for $1,000 was recorded as a debit to Equipment and a credit to Accounts Payable.

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