this multiple choice questions from ACCOUNTING PRINCIPLES I.I need the final answer. 21. Speedy Bike Company received a $940 check from a customer for the balance due. Thetransaction was incorrectly recorded as a debit to Cash $490 and a credit to Service Revenue$490. The correcting entry isa. debit Cash, $940; credit Accounts Receivable, $940.b. debit Cash, $450 and Accounts Receivable, $490; credit Service Revenue, $940.c. debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940.d. debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.22. A correcting entrya. must involve one balance sheet account and one income statement account.b. is another name for a closing entry.c. may involve any combination of accounts.d. is a required stepin the accounting cycle.23. (X) Company paid $530 on account to a creditor. The transaction was incorrectly recordedas a debit to Cash of $350 and a credit to Accounts Receivable, $350. The correcting entry isAccounts PayableCasha.530530b.Accounts Receivable350Cash350С.Accounts Receivable350Accounts Payable350d.Accounts Receivable350Accounts PayableCash530880

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Description: this multiple choice questions from ACCOUNTING PRINCIPLES I.I need the final answer. 21. Speedy Bike Company received a $940 check from a customer for the balance due. Thetransaction was incorrectly recorded as a debit to Cash $490 and a credit to Se

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21. Speedy Bike Company received a $940 check from a customerforthe balance due. The transaction was incorrectly recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is a. debit Cash, $940; credit Accounts Receivable, $940. b. debit Cash, $450 and Accounts Receivable, $490; credit Service Revenue, $940. c. debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940. d. debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.

21. Speedy Bike Company received a $940 check from a customerforthe balance due. The transaction was incorrectly recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is a. debit Cash, $940; credit Accounts Receivable, $940. b. debit Cash, $450 and Accounts Receivable, $490; credit Service Revenue, $940. c. debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940. d. debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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