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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

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  1. 25 April, 13:38
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    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)
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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
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