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Prepare a correcting entry on december

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Reference no: EM131838626

Question - Simmons Company has employed a bookkeeper who is inexperienced. On December 30, after reviewing the records for the year, you discover the following error. On August 1, Simmons Company received $700 on account (from a customer for services previously performed and billed on July 15). The bookkeeper recorded this by debiting Cash and crediting Service Revenue.

Required: Prepare a correcting entry on December 30. Make sure to enter the day for each separate transaction.

Reference no: EM131838626

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