Question

<Correcting Entries> A collection of $3,000 from a client on account was debited to Cash $200...

<Correcting Entries>

A collection of $3,000 from a client on account was debited to Cash $200 and credited to Service Revenue $200.

Step 1 -> Incorrect entry

Step 2 -> Correct entry

Step 3 -> Correcting entry

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Homework Answers

Answer #1

Step1. Incorrect entry

Amount debit Amount credit
Cash a/c.        Dr. $200
To Service Revenue a/c $200

Step2. Correct Entry

Amount debit Amount credit
Cash a/c.            Dr. $3000
To Accounts Receivable a/c $3000

Step3. Correcting

Service Revenue a/c.           Dr. $200
Cash a/c.                              Dr. $2800
To Accounts Receivable a/c $3000
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