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A check issued for $890 to pay a vendor on account was recorded in the firm's records as $980; the canceled check was properly listed
A check issued for $890 to pay a vendor on account was recorded in the firm's records as $980; the canceled check was properly listed on the bank statement at $890. The journal entry for this reconciling item would include:
a debit to cash for $90
a credit to accounts payable for $890
a debit to accounts payable for $90
a debit to cash for $890
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