A $72,000 Receipt of Cash from a Customer Paying on Their

question 31

Multiple Choice

A $72,000 receipt of cash from a customer paying on their account was recorded as a $72,000 debit to Accounts Receivable.Assuming this journal entry was posted,what correcting entry (if any) is needed?

• A)Debit Cash and Credit Accounts Receivable for $72,000 each
• B)Debit Cash and Credit Accounts Receivable for $144,000 each
• C)Credit Cash and Debit Accounts Receivable for $72,000 each
• D)Credit Cash and Debit Accounts Receivable for $144,000 each
• E)No correcting entry is needed for this transaction

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Definitions:

Dark-Skinned Individuals

Persons with a higher concentration of melanin in the skin, which can affect the clinical diagnosis of conditions like anemia or petechiae.

Oral Mucosa

The mucous membrane lining the inside of the mouth, which can be a site of absorption for certain medications or a location for various diseases.

Satisfactory

Adequate or meeting the basic requirements; acceptable though not outstanding or excellent.