Prepare the Necessary Correcting Entry for Each of the Following

question 1

Essay

Prepare the necessary correcting entry for each of the following.
a. A payment on account of $840 was debited to Accounts Payable $480 and credited to Cash $480.
b. The collection of Accounts Receivable of $680 was recorded as a debit to Cash $680 and a credit to Service Revenue $680.
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Definitions:

Diencephalon

The Diencephalon is a region of the brain that includes structures such as the thalamus and hypothalamus, involved in sensory and neural functions.

Telencephalon

The anterior part of the forebrain, encompassing the cerebral hemispheres, responsible for complex functions including voluntary movement and sensory integration.

Anterior Pituitary

The front portion of the pituitary gland, responsible for releasing hormones that regulate various physiological processes.

Ectoderm

The outermost layer of cells or tissue of an embryo in early development, giving rise to the epidermis and nervous system.