A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375. The entry needed to correct this error is:
A) Debit Accounts Payable for $375 and credit Cash for $375.
B) Debit Accounts Receivable for $375 and credit Cash for $375.
C) Debit Cash for $375 and credit Accounts Payable for $375.
D) Debit Cash for $375 and credit Accounts Receivable for $375.
Correct Answer:
Verified
Q140: Caesar's Company's trial balance contains the following
Q141: Sassycat Company's trial balance contains the following
Q142: Anthoney Inc's trial balance contains the following
Q143: The trial balance:
A)lists only the accounts, with
Q144: The purpose of the trial balance is
Q146: A company purchased supplies on account; however,
Q147: A company purchased a truck for $800
Q148: A cash payment was made to pay
Q149: A company accidentally records the rent payment
Q150: The sequence of steps used to record
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents