Bertrand Inc. performed services for clients in the amount of $1,800 on credit. If this transaction...
Bertrand Inc. performed services for clients in the amount of $1,800 on credit. If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account, what correcting entry would be necessary?
Multiple Choice
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Debit Fees Income $1,800; credit Cash $1,800
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Debit Cash $1,800; credit Accounts Receivable $1,800
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Debit Accounts Receivable $1,800; credit Cash $1,800
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Debit Accounts Receivable $1,800; credit Fees Income $1,800
Homework Answers
Correct answer------------Debit Accounts Receivable $1,800; credit Cash $1,800
Debiting cash by mistake will increase the cash balance which needs to be reduced so that actual cash matches with book value of cash. In order to put back the actual cash balance , cash will be credited.
The accounts receivable are understated so accounts receivable will be debited.
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Bertrand Inc. performed services for clients in the amount of
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Bertrand Inc performed services for clients in the amount of $1950 on credit. If this transaction...
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Bertrand Inc performed services for clients in the amount of $1950 on credit. If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account what correcting entry would be necessary? Multiple Choice O Debit Cach 1950. cred Accounts Receivable $1950 0 Debito Income 1960, cred Cash 1950 0 De Arco Receivable $1950. creditos Income $1.55 0 Debit Accounts Receivable $1,950, ered Play
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