The collection of $400 from a client on account was debited to Cash $4,000 and credited to Service Revenue $4,000. The correcting entry to correct this error will be:Dr. Service Revenue4,000Cr. CashCr. Accounts Receivable3,6004004,000Cr. Accounts ReceivableDr. Service Revenue4,000Dr. Service Revenue4003,600Cr. Accounts ReceivableDr. Cash4,000Dr. Cash400Cr. Accounts Receivable400Dr. Accounts ReceivableDr. Cash4003,600Cr. Service Revenue4,000

Correcting entry needs to pass with a view to correct the wrong entry that was made previously. We…

The collection of $400 from a client on account was debited to Cash $4,000 and credited to Service Revenue $4,000. The correcting entry to correct this error will be: O Dr. Service Revenue 4,000 Cr. Cash Cr. Accounts Receivable 3,600 400 Dr. Service Revenue 4,000 Cr. Accounts Receivable 4,000 Dr. Service Revenue 400 3,600 Cr. Accounts Receivable Dr. Cash 4,000 Dr. Cash 400 Cr. Accounts Receivable 400 O Dr. Accounts Receivable Dr. Cash 400 3,600 Cr. Service Revenue 4,000

The collection of $400 from a client on account was debited to Cash $4,000 and credited to Service Revenue $4,000. The correcting entry to correct this error will be: O Dr. Service Revenue 4,000 Cr. Cash Cr. Accounts Receivable 3,600 400 Dr. Service Revenue 4,000 Cr. Accounts Receivable 4,000 Dr. Service Revenue 400 3,600 Cr. Accounts Receivable Dr. Cash 4,000 Dr. Cash 400 Cr. Accounts Receivable 400 O Dr. Accounts Receivable Dr. Cash 400 3,600 Cr. Service Revenue 4,000

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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