Merriweather Post Pavillion Received a $820 Check from a Customer

question 13

Multiple Choice

Merriweather Post Pavillion received a $820 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $280 and a credit to Service Revenue $280. The correcting entry is

• A) debit Cash, $820; credit Accounts Receivable, $820.
• B) debit Cash, $540 and Accounts Receivable, $280; credit Service Revenue, $820.
• C) debit Cash, $540 and Service Revenue, $280; credit Accounts Receivable, $820.
• D) debit Accounts Receivable, $820; credit Cash, $540 and Service Revenue, $280.

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Definitions:

Resource Inputs

The materials, labor, information, and other assets used to produce goods or services in a system or process.

Contingency Thinking

An approach that emphasizes the need to tailor decisions and actions to the specifics of a situation rather than relying on one-size-fits-all solutions.

Management Styles

The various approaches and methods employed by leaders in guiding, directing, and motivating employees to achieve organizational objectives.

Knowledge Management

The efficient handling, organizing, and sharing of information and knowledge within an organization.