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