The Singh Company paid $630 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $360 and a credit to Accounts Receivable, $360. The correcting entry is 
Definitions:
Medicare
A federal health insurance program in the United States for people aged 65 and over, or for those under 65 with certain disabilities or conditions.
Federal Income Tax
The charge imposed by the IRS on the yearly income of individuals, corporations, trusts, and various legal bodies.
Discounted Note
A promissory note sold for less than its face value that will be worth its full value upon maturity.
Interest Calculations
The process of determining the interest amount payable or receivable over a certain period based on the principal sum and the rate of interest.
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