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What the correcting entry is

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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

Reference no: EM132552238

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