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A lawyer collected $620 of legal fees in advance. He erroneously debited Cash for $260 and credited Accounts Receivable for $260. The correcting entry is
A lawyer collected $620 of legal fees in advance. He erroneously debited Cash for $260 and credited Accounts Receivable for $260. The correcting entry is
a. Cash 260
Accounts Receivable 360
Unearned Legal Fees
620
b.Cash 360
Accounts Receivable360
c.Cash 620
Legal Fees Earned620
d.Cash 360
Accounts Receivable 260
Unearned Legal Fees
620
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