Answered: What is the correcting entry for.. the…

What is the correcting entry for.. the collection of accounts receivable of $680 was recorded as a debit to Cash $680 and a credit to service revenue $680

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 14Q: A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which...

See similar textbooks

Related questions

Q: For each account, identify whether the normal balance is a debit (DR) or credit (CR). a. Notes…

A: Journal entry means the entry in prime book with chronological order. Journal entry should have…

Q: Which one of the four methods of payments creates an accounts receivable? Select one: a.…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Consider the following transactions associated with accounts receivable and the allowance for…

Q: hen a company receives cash from customers before earning the revenue,----------------------will be…

A: As per revenue recognition principle a revenue is recognized only when the service has been provided…

Q: Which journal entries is correct when a business entity collects an accounts receivable? A. Cash -…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: When a company extends credit directly to a customer for a purchase, the sale is recorded as a debit…

A: Customer record: It is the record of customers of company which contains details like name, address,…

Q: Use the following T-account for Careful Corporation to answer questions 11 and 12:…

A: The left side of account receivables T account is debit side and the right side is credit side. If…

Q: Assume that when a purchase of supplies of $2,650 for cash was recorded, both the debit and the…

A: a) State whether the given error would cause the trial balance to be out of balance. No, the given…

Q: Give what is required, For the Classification: (Classify the account if it is current/noncurrent…

A: The different accounts in the business are classified as asset, liabilities, revenue, expenses and…

Q: TeleComm customer ADR circuits paid off an $9500 balance on its accounts receivable. TeleComm should…

A: Accounts receivable is the revenue that has been earned but the payment for the same has not been…

Q: Which of the following entries records the payment of an account payable? a) Debit Accounts Payable,…

A: Accounts payable is lability and credit balance.

Q: What is the normal balance for each of the following accounts? (i) Accounts Receivable. (ii) Cash.…

A: (i) Normal balance of account receivables is debit because when we are to receive somthing from some…

Q: (a) Describe the detail of the transaction being performed in the following screen. (b) Give the…

A: Tax System In GST Tax system there must be two types of tax system are there. Input tax and output…

Q: 12. An account to be debited should be firstly determined in recording transaction in the general…

A: Journal entry is the first entry which is recorded in the journal book. It is the very first entry…

Q: Directions: Classify each account according to its category. Put a check (/) on the right column…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: The debits and credits from three related transactions are presented in the following creditor's…

A: June 6: In this transaction goods are purchased or services are received on account; and the source…

Q: True Or False? The entry to record a cash receipt from a customer when the service is to be provided…

A: This statement is False The entry to a record a cash receipt from a customer when the service is to…

Q: Which of the following entries records the payment of an account payable? a.debit Cash; credit…

A: Accounts payable (liability) is decreasing. Cash (asset) is decreasing.

Q: The debits and credits from three related transactions are presented in the following customer's…

A: Accounts receivable subsidiary ledger: This ledger keeps the detailed information about the payment…

Q: = For each transaction, state the accounts to be debited and accounts to be credited with their…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Which of the following transactions is affecting the current asset of accounts receivable?

A: a). Journal entry for inventory sold on the account: Accounts receivable A/c Dr.... xxx…

Q: Rules of debit and credit and normal balances State for each account whether it is likely to have…

A: As per the double-entry booking system of accounting, for each transaction, there are two effects or…

Q: A customer issued a note for an overdue account. Which of the following procedures is correct? A.…

A: Notes payable: Notes payable is a promissory note issued by the debtor or borrower in which the…

Q: Rules of debit and credit and normal balances State for each account whether it is likely to have…

A: As per the double-entry booking system of accounting, for each transaction, there are two effects or…

Q: GENERAL LEDGER Cash Date Account No. Balance 11 Item Post Ref Debit Credit Debit Credit

A: Solution:

Q: S1: An expense item allocated by the home office to a branch is recorded by the branch by a debit to…

A: An expense item allocated by the home office to a branch is recorded by thebranch by a debit to an…

Q: 12. What is the final balance of the cash account after posting all related transactions to the…

A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…

Q: On 9/1, Knight's Stop would debit which account for the journal entry? O Accounts Receivable O…

Q: normal balance of the following accounts

A: All expenses, assets and drawings have debit balance. All income, liabilities and capital have…

Q: What entry is required in the company's accounts to record outstanding checks? Oa. debit Accounts…

A: Outstanding check: When company issue the check to the vendor/creditors but they do not present the…

Q: The following errors took place in journalizing and posting the transactions below. Journalize the…

A: Rectification entry means where some error has been done in past and we need to rectify that errors.…

Q: Which of the following transactions is credited? A) WHEN CHARGED B) PURCHASE OF COMMERCIAL GOODS…

A: Credit transaction: Any transaction by the terms of which the repayment of money loaned, or loan…

Q: ce revenue that are not yet received in cash are recorded as follows: Group of answer choices Debit…

Q: At Crane Company, the following errors were discovered after the transactions had been journalized…

A: A correcting entry is a journal entry that is recorded in order to fix an error in recording…

Q: Which of the following errors, each considered individually, would cause the trial balance totals to…

A: If any transaction impacted both debit and credit in the same way then the trial balance remains…

Q: Which of the following accounts would need to be closed at the end of the period?a. Cashb. Supplies…

A: A closing entry is a journal entry made at the end of the accounting period. It involves shifting…

Q: COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: After posting is completed in the accounts receivable ledger and the g ledger, the total of the…

A: Solution: Accounts receivable ledgers are subsidiary ledgers where all credit sales with respective…

Q: Debit and Credit Procedures A list of accounts for Montgomery Inc. appears below. Required: Complete…

A: Completion of the accounts in the table by classifying them with type of accounts, normal balance…

Q: Customer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for…

A: Customer deposits decreases the accounts receivable.

Q: In the balance sheet, accounts Receivable, where did you get 489,555 from?

A: Accounts receivable is a current asset created in the business when an amount is to be received from…

Q: An “Accounts Receivable Customer Balances” report shows revenues by customer for a specified date…

A: Account receivable arises when we sell goods on credit and account receivable customer balances…

Q: Match each of the numbered descriptions with the term, title, or phrase that it best reflects.…

Q: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

A: Solution: Classification of transaction in journal and Subsidiary ledger are as under:

Question

What is the correcting entry for.. the collection of accounts receivable of $680 was recorded as a debit to Cash $680 and a credit to service revenue $680

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

You just posted a credit to Accounts Receivable. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
The sum of all the accounts in the accounts receivable subsidiary ledger should ________. A. equal the accounts receivable account balance in the general ledger before posting any amounts B. equal the accounts payable account balance in the general ledger before posting any amounts C. equal the accounts receivable account balance in the general ledger after posting all amounts D. equal the cash account balance in the general ledger after posting all amounts
In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)
You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
You just posted a credit to Stars Inc. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
Account Titles and Explanation (To record sales on account) (To record collection of accounts receivable) Debit Credit 100
Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The sum obtained is best described as a(n): A. financial total B. grand total C. record count D. hash total E. cross-footing total
All transactions entered in this window result in a debit to the Accounts Receivable account. a. Invoice b. Undeposited Funds c. Accounts Payable d. Cash
Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts: __________ Note Receivable. _______ Accounts Payable.
Which one of the four methods of payments creates an accounts receivable? Select one: a. cash in advance b. open account c. draft d. letter of credit
When you collected Accounts Receivables, your entry would include? * O Debit Accounts Receivable O Credit Cash O Debit Cash O Credit Accounts Payable