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
Correct Answer:
Verified
Correct Answer:
Verified
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