A Collection of an Account Receivable Was Erroneously Recorded and Posted

question 72

Multiple Choice

A collection of an account receivable was erroneously recorded and posted as a debit to Cash and a credit to Consulting Fees Revenue. The journal entry to correct this error would be

• A) A debit to Cash and a credit to Accounts Receivable
• B) A debit to Accounts Receivable and a credit to Consulting Fees Revenue
• C) A debit to Consulting Fees Revenue and a credit to Unearned Consulting Fees
• D) A debit to Consulting Fees Revenue and a credit to Accounts Receivable

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Definitions:

Signature

A person's name or mark written by themselves, often used to indicate agreement with the contents of a document.

Authenticate

(a) to sign; or (b) with the intent to sign a record, otherwise to execute or adopt an electronic symbol, sound, message, or process referring to, attached to, included in, or logically associated or linked with, that record.

Seal

A mark or impression placed on a written contract indicating that the instrument was executed and accepted in a formal manner.

Auctioneer

A person who conducts sales at auctions by accepting bids and declaring goods sold to the highest bidder.