Jasmine Company Received a $350 Cheque from a Customer for the Balance

question 72

Multiple Choice

Jasmine Company received a $350 cheque from a customer for the balance due on an accounts receivable. The transaction was erroneously recorded as a debit to cash of $530 and a credit to service revenue of $530. The correcting entry is

• A) debit Accounts Receivable $350; credit Cash $350
• B) debit Accounts Receivable $180; credit Cash $180
• C) debit Service Revenue $530; credit Cash $180; credit Accounts Receivable $350
• D) debit Service Revenue $530; credit Cash $350; credit Accounts Receivable $180

Recognize the importance of social gestures, such as handshakes and facial expressions, in making a positive impression.

Comprehend the role of social media and online activities in personal branding.

Identify the behavioral nuances of professional etiquette and their impact on workplace relations.

Realize the significance of voice quality, speech habits, and non-verbal cues in communication.

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Definitions:

Seasonal Indexes

A set of numerical values used to adjust for seasonal effects in time series data, allowing for more accurate comparisons across different times of the year.

Seasonal Variation

Refers to periodic fluctuations in data or processes that occur at regular intervals over a year, influenced by the seasons.

Least Squares

A mathematical approach used in regression analysis to determine the best-fit line through data points by minimizing the sum of the squares of the vertical differences between observed and predicted values.

Linear Trend Line

A straight line that best fits the data on a graph, showing the general direction that a set of data is moving towards.