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    Mary_587's Avatar
    Mary_587 Posts: 10, Reputation: 1
    New Member
    		  
    #1

    Dec 10, 2006, 06:18 PM
    Cash
    Receipts from cash sales of $7,500 were recorded incorrectly in the cash receipts journal as $5,700. What entry is required in the depositor's accounts?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Dec 10, 2006, 10:38 PM
    So you recorded.

    Dr. Cash 5,700
    Cr. Sales 5,700

    You should have done:
    Dr. Cash 7,500
    Cr. Sales 7,500

    So to fix it, all you need to do is:
    Dr. Cash 1,800
    Cr. Sales 1,800
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