Sun shine inc. bills a costumer for $ 500 in service revenue o April 1. On April 15, Sun Shine receives the $ 500 payment from the costumer. Sun Shine records the receipt of the payment as a debit to cash for $50 and a credit to service revenue for $50. Assuming no reversal of the incorrect entry, the entry to correct this mistake is
Sun shine inc. bills a costumer for $ 500 in service revenue o April 1. On April 15, Sun Shine receives the $ 500 payment from the costumer. Sun Shine records the receipt of the payment as a debit to cash for $50 and a credit to service revenue for $50. Assuming no reversal of the incorrect entry, the entry to correct this mistake is
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 6EA: On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services....
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Sun shine inc. bills a costumer for $ 500 in service revenue o April 1. On April 15, Sun Shine receives the $ 500 payment from the costumer. Sun Shine records the receipt of the payment as a debit to cash for $50 and a credit to service revenue for $50. Assuming no reversal of the incorrect entry, the entry to correct this mistake is
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