Ask Question
BusinessBusiness
25 April, 10:45

A lawyer collected $860 of legal fees in advance. He erroneously debited Cash for $680 and credit Accounts Receivable for $860. The correcting entry is

+3
Answers (1)
  1. 25 April, 13:38
    0
    Answer: The answer is as follows:

    Explanation:

    The correct entry for the transaction is:

    Cash A/c ... Dr. 180

    Accounts Receivable A/c ... Dr. 680

    To Unearned service Revenue A/c ... Cr. 860

    (Corrected the erroneously debited Cash for $680 and credit Accounts Receivable for $680)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A lawyer collected $860 of legal fees in advance. He erroneously debited Cash for $680 and credit Accounts Receivable for $860. The ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Suppose maestro's had cost of goods sold during the year of $ 230 comma 000 $230,000. beginning merchandise inventory was $ 35 comma 000 $35,000 , and ending merchandise inventory was $ 45 comma 000 $45,000.
Answers (1)
It's is unethical to report the the wrongdoing of a coworker True or false
Answers (1)
In the secondary market, what determines the cost of a share of stock? A. The regulations of the government B. The investment banks C. The interaction of consumers D. The corporation
Answers (1)
Engineers at a tire manufacturing company investigated the effect of a new rubber compound on the tire life of a certain brand of tires.
Answers (1)
Which of the following is the market structure of the media industry? O A. Pure competition. O B. Monopolistic competition. O C. Oligopoly. O D. Monopoly.
Answers (1)
New Questions in Business
Direct comments taken from another author do not have to be paraphrased
Answers (1)
No Child Left Behind legislation is the current reauthorization of the Elementary and Secondary Education Act of 1965. True False
Answers (2)
Harry's Hotdogs is a small street vendor business owned by Harry Huggins. Harry is trying to get a better understanding of his costs by categorizing them as fixed or variable.
Answers (1)
A registered representative opens a new account for a customer by telephone and receives an order to sell 300 shares of ABC at the market.
Answers (1)
Brian brewster sold property to a buyer who paid him $400,000 cash and assumed an existing mortgage of $150,000
Answers (1)
Home » Business » A lawyer collected $860 of legal fees in advance. He erroneously debited Cash for $680 and credit Accounts Receivable for $860. The correcting entry is
Sign Up Forgot Password?