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:

Spinal Cord

A long, thin, tubular structure made up of nervous tissue that extends from the brain, conducting signals to and from the brain to the rest of the body.

Brain

The brain is the organ located in the skull responsible for coordinating movement, interpreting the senses, regulating body processes, and facilitating thought and emotion.

Toxoplasma Myocarditis

Inflammation of the heart muscle caused by infection with the Toxoplasma gondii parasite.

Diagnosis Code

Alphanumeric codes that healthcare providers use to classify and record diseases, symptoms, and medical conditions.