Assume a $500 payment for Phone Expense was incorrectly journalized as a debit to Phone Expense of $50 and a credit to Cash of $50. Which of the following would be the appropriate correcting entry?a.Phone ExpenseCashb.CashPhone ExpenseC.Phone ExpenseCashd.Phone ExpenseCash5050045050050500450500

rectifying a journal entry is a crucial phase in ensuring the reliability and correctness of a…

Answered: Assume a $500 payment for Phone Expense…

Assume a $500 payment for Phone Expense was incorrectly journalized as a debit to Phone Expense of $50 and a a. Phone Expense Cash b. Cash Phone Expense C. Phone Expense Cash 50 500 450 50 500 450

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Assume a $500 payment for Phone Expense was incorrectly journalized as a debit to Phone Expense of $50 and a credit to Cash of $50. Which of the following would be the appropriate correcting entry?
a.
Phone Expense
Cash
b.
Cash
Phone Expense
C.
Phone Expense
Cash
d.
Phone Expense
Cash
50
500
450
500
50
500
450
500

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