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

Question

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The Answer of 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

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