Multiple Choice Question 115 On March 8 Sarasota Taffy Compa

Multiple Choice Question 115 On March 8, Sarasota Taffy Company bought supplies on account from the Sweet Honey Company for $760. Sarasota Taffy Company incorrectly debited Equipment for $700 and credited Accounts Payable for $700. The entries have been posted to the ledger. The correcting entry should be: Supplies 760 Equipment 760 Supplies 760 Accounts Payable Equipment 700 60 Supplies 760 Equipment Accounts Payable 700 60 Supplies 760 Accounts Payable 760

Solution

115) Correcting entry :

So answer is c)

139) Calculate net income :

So answer is c) $39900

Date	account and explanation	debit	credit
	Supplies	760
	Equipment		700
	Account payable		60