Question - Correcting Entries
The following errors took place in journalizing and posting the transactions below. Journalize the entries to correct the errors.
a. The receipt of $5,660 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned.
b. The purchase of supplies of $1,700 on account was recorded as a debit to Office Equipment and a credit to Supplies. Note: Prepare the entry to reverse the original entry first.