MC Qu. 132 A $72,000 receipt of cash from a customer pa... A $72,000 receipt of

Question

MC Qu. 132 A $72,000 receipt of cash from a customer pa... A $72,000 receipt of cash from a customer paying on their account was recorded as a $72,000 debit to Accounts Receivable. Assuming this journal entry was posted, what correcting entry (if any) is needed? Debit Cash and Credit Accounts Receivable for $72,000 each Debit Cash and Credit Accounts Receivable for $144,000 each Credit Cash and Debit Accounts Receivable for $72,000 each Credit Cash and Debit Accounts Receivable for $144,000 each No correcting entry is needed for this transaction

Explanation / Answer

A $72,000 receipt of cash from a customer paying on their account was recorded as a $72,000 debit to Accounts Receivable. Assuming this journal entry was posted, what correcting entry (if any) is needed? The correcting entry needed is Debit Cash and Credit Accounts Receivable for $144,000 each

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.