Prepare the necessary correcting entry for each of the following.
a. A payment on account of $720 was debited to Accounts Payable $270 and credited to Cash $270.
b. The collection of Accounts Receivable of $570 was recorded as a debit to Cash $570 and a credit to Service Revenue $570.

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The Answer of Prepare the necessary correcting entry for each of the following.
a. A payment on account of $720 was debited to Accounts Payable $270 and credited to Cash $270.
b. The collection of Accounts Receivable of $570 was recorded as a debit to Cash $570 and a credit to Service Revenue $570.

Prepare the Necessary Correcting Entry for Each of the Following