Multiple Choice
A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375. The entry needed to correct this error is:
A) Debit Accounts Payable for $375 and credit Cash for $375.
B) Debit Accounts Receivable for $375 and credit Cash for $375.
C) Debit Cash for $375 and credit Accounts Payable for $375.
D) Debit Cash for $375 and credit Accounts Receivable for $375.
Correct Answer:

Verified
Correct Answer:
Verified
Q55: A T-account has a $426 debit balance.
Q56: The fact that each transaction has a
Q57: The general journal was developed to organize
Q58: Accounts that start with the numbers 6-9
Q59: Danio Corp performs services on account. This
Q61: Accounts Payable represent amounts a business must
Q62: An entry could have been posted twice
Q63: Marketing expenditures account 511 would belong to
Q64: Once you post the transaction to the
Q65: On the trial balance, which account balances