Reference no: EM132552238
Question 1: The Lakes Company received $630 on account from a customer. The transaction was erroneously recorded as a debit to Cash of $360 and a credit to Accounts Payable, $360. The correcting entry is
Option 1: Accounts Receivable.................................................................................. 630
Cash.................................................................................................... 630
Option 2: Accounts Payable........................................................................................ 360
Cash.................................................................................................... 360
Option 3: Accounts Payable........................................................................................ 360
Accounts Receivable.................................................................. 360
Option 4: Accounts Payable........................................................................................ 360
Cash............................................................................................................ 270
Accounts Receivable.................................................................. 630