A check drawn by a depositor in payment of a voucher for $725 was recorded in the journal as $257. What entry is required in the depositor's accounts?
I said debit accounts payable: credit cash
I just want to make sure I am on the right track
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A check drawn by a depositor in payment of a voucher for $725 was recorded in the journal as $257. What entry is required in the depositor's accounts?
I said debit accounts payable: credit cash
I just want to make sure I am on the right track
Yes, the entry is correct, once you add a dollar amount. That is the original entry that would have been made, but was not for enough, so it's like you're recording the rest of it.
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