A business collected $450 from a customer for an outstanding accounts receivable. By mistake the...
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Accounting
A business collected $450 from a customer for an outstanding accounts receivable. By mistake the transaction was recorded as debit to Cash for $550 and a credit to accounts receivable for $550. What is the necessary correcting entry?
a.debit Cash for $100; credit Accounts Receivable for $100.
b.debit Service revenue for $100; credit Accounts receivable for $100.
c.debit Accounts receivable for $100; credit Cash for $100.
d.debit Accounts receivable for $100; credit Service revenue for $100.
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