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, $385b.debit Cash, $27; credit Accounts Receivable, $27c.debit Cash, $385; credit Accounts Receivable, $385d.debit Accounts Receivable, $27; credit Cash, $27e.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 waswritten in the correct amount and was correctly recorded in the company's accounting system. The journal entry required tocorrect this error would be:Select one:a.debit Accounts Receivable, $385; credit Cash, $385O b. debit Cash, $27; credit Accounts Receivable, $27Ос.debit Cash, $385; credit Accounts Receivable, $385d.debit Accounts Receivable, $27; credit Cash, $27no journal entry is requiredе.

A correcting journal entry can be defined as an entry that is made to fix a mistake or error that is…

Answered: The bank mistakenly recorded the…

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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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:

debit Accounts Receivable, $385; credit Cash, $385

debit Cash, $27; credit Accounts Receivable, $27

debit Cash, $385; credit Accounts Receivable, $385

debit Accounts Receivable, $27; credit Cash, $27

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
O b. debit Cash, $27; credit Accounts Receivable, $27
Ос.
debit Cash, $385; credit Accounts Receivable, $385
d.
debit Accounts Receivable, $27; credit Cash, $27
no journal entry is required
е.

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