a firm recorded the receipt of cash on account from a creditor as a debit to cash and a credit to accounts payable. the error was discovered after the data posted. the correcting entry should contain:

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24-10-2022
Business

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a firm recorded the receipt of cash on account from a creditor as a debit to cash and a credit to accounts payable. the error was discovered after the data posted. the correcting entry should contain:

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chilljain33 chilljain33 · Answer 1 · 2022-11-03T07:44:56-04:00

In the situation where there was an accounting error in recording a financial transaction as given above, the correcting journal entry should contain a debit to accounts payable and a credit to accounts receivable.

What is the significance of a journal entry?

A journal entry can be referred to or considered as the systematic of recording and maintaining the financial transactions that take place in an organization during an accounting period. It has a debit and a credit effect.

A correcting journal entry rectifies the errors made in the recording of actual journal entries. For the above situation, the correcting entry where accounts payable are debited and receivables are credited would rectify the transaction.

Therefore, the significance regarding a journal entry has been aforementioned.

Learn more about a journal entry here:

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