Thank you for visiting Dooley Company sent a deposit of 7 000 to the bank The bank credited Dooley Company s checking account for a deposit of 700 In. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
The correct journal entry for Dooley Company to prepare in this scenario is as follows: Debit Cash for $6,300 and credit Accounts Receivable for $6,300.
This journal entry reflects the correction for the bank's incorrect recording of the deposit. By debiting Cash for $6,300, it reduces the Cash account to the correct amount of $6,300. Since the bank credited Dooley Company's checking account for $700 instead of the actual deposit of $7,000, it implies that the remaining $6,300 is still owed to Dooley Company. Therefore, the credit to Accounts Receivable for $6,300 reflects the amount owed to Dooley Company by the bank.
Learn more about journal entry here:
https://brainly.com/question/29734252
#SPJ11
Thank you for reading the article Dooley Company sent a deposit of 7 000 to the bank The bank credited Dooley Company s checking account for a deposit of 700 In. We hope the information provided is useful and helps you understand this topic better. Feel free to explore more helpful content on our website!
- You are operating a recreational vessel less than 39 4 feet long on federally controlled waters Which of the following is a legal sound device
- Which step should a food worker complete to prevent cross contact when preparing and serving an allergen free meal A Clean and sanitize all surfaces
- For one month Siera calculated her hometown s average high temperature in degrees Fahrenheit She wants to convert that temperature from degrees Fahrenheit to degrees
Rewritten by : Jeany
