Question
The Vaughn Company paid $530 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $350 and a credit
The Vaughn Company paid $530 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $350 and a credit to Accounts Receivable, $350. The correcting entry is
a. Accounts Receivable 350
Accounts Payable 530
Cash880
b. Accounts Receivable 350
Accounts Payable350
c. Accounts Payable 530
Cash530
d. Accounts Receivable 350
Cash350
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
