Answer :
Answer:
The journal entry to correct the error is a debit of $375 on the supplies expense account and a corresponding credit of $375 to the cash account.
Explanation:
A journal entry in accounting is a detailed record of all the financial transactions made during a certain period in time. The records are always used for reconciliation and transfer to more permanent account such as a ledger. A journal usually consists of; the specific dates when transaction was made, a description of the transaction and the amounts involved. A journal entry typically utilizes the double digit entry of book keeping. The double-entry system usually involves two columns of recording the amounts involved, namely; debit and credit.
The purchase of supplies using cash affects two major accounts, namely; cash account and the supplies expense account. In our case, a purchase of $375 on supplies increases the supplies expense account while cash account is decreased. To record this, we debit the supplies expense by $375 and credit the cash account by $375. This can be represented in a table as follows;
Account Debit Credit
Supplies expense $375
Cash $375