Prepare the Necessary Correcting Entry for Each of the Following

question 224

Essay

Prepare the necessary correcting entry for each of the following.
a. A payment on account of $720 was debited to Accounts Payable $270 and credited to Cash $270.
b. The collection of Accounts Receivable of $570 was recorded as a debit to Cash $570 and a credit to Service Revenue $570.

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Definitions:

Predictors

Variables or factors that can be used to forecast future events or outcomes.

Retirement

The period of someone's life during which they choose to permanently leave the workforce behind.

Social Security

A government program that provides financial assistance to people with an inadequate or no income, especially the elderly, disabled, and families with children.