Accounting · Journal Entries
What journal entry is required to correctly account for a contra entry between the trade receivables and trade payables general ledger control accounts for $1,250?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Debit Trade receivables Control Account $1,250, and Credit Trade payables Control Account $1,250
- 2Debit Trade payables Control Account $1,250, and Credit Trade receivables Control Account $1,250✓
- 3Debit Cash Account $1,250, and Credit Trade receivables Control Account $1,250
- 4Debit Trade payables Control Account $1,250, and Credit Cash Account $1,250
Correct answer
Debit Trade payables Control Account $1,250, and Credit Trade receivables Control Account $1,250
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