Question
An accountant of a firm makes a correction entry for an error in a single transaction in which 20.000 TL has been collected but no
An accountant of a firm makes a correction entry for an error in a single transaction in which 20.000 TL has been collected but no revenue has been earned yet as follows: CORRECTION ENTRY => debit cash by 15.000 TL, credit unearned revenue by 10.000 TL, credit sales revenue by 5.000 TL. What was the error?
a- The firm has debited cash and unearned revenue by 5.000 TL each and credited sales revenue by 10.000 TL.
b- The firm has debited sales revenue by 5.000 TL and credited unearned revenue by 5.000 TL
c- The firm has debited unearned revenue by 10.000 TL and credited cash and sales revenue by 5.000 TL each.
d- The firm has debited cash and sales revenue by 5.000 TL each and credited unearned revenue by 10.000 TL.
e- Other:
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