The bank mistakenly recorded the collection of $385 on a customer account as $358 in the bank statement. The cheque was written in the correct amount and was correctly recorded in the company’s accounting system. The journal entry required to correct this error would be: Select one: a. debit Accounts Receivable, $385; credit Cash, $385 b. debit Cash, $27; credit Accounts Receivable, $27 c. debit Cash, $385; credit Accounts Receivable, $385 d. debit Accounts Receivable, $27; credit Cash, $27 e. no journal entry is required
The bank mistakenly recorded the collection of $385 on a customer account as $358 in the bank statement. The cheque was written in the correct amount and was correctly recorded in the company’s accounting system. The journal entry required to correct this error would be: Select one: a. debit Accounts Receivable, $385; credit Cash, $385 b. debit Cash, $27; credit Accounts Receivable, $27 c. debit Cash, $385; credit Accounts Receivable, $385 d. debit Accounts Receivable, $27; credit Cash, $27 e. no journal entry is required
Chapter8: Budgets And Bank Reconciliations
Section: Chapter Questions
Problem 2.10C
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The bank mistakenly recorded the collection of $385 on a customer account as $358 in the bank statement. The cheque was written in the correct amount and was correctly recorded in the company’s accounting system. The journal entry required to correct this error would be:
Select one:
a.
debit Accounts Receivable , $385; credit Cash, $385
b.
debit Cash, $27; credit Accounts Receivable, $27
c.
debit Cash, $385; credit Accounts Receivable, $385
d.
debit Accounts Receivable, $27; credit Cash, $27
e.
no journal entry is required
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