Economics · Accounting Errors and Adjustments
When recording a contra entry for $2,000 in the general ledger, Lemon Co correctly recorded the entry in the payables account, but incorrectly recorded the other entry in the allowance for receivables account. What journal adjustment should Lemon Co make to correct this error?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Dr Allowance for receivables $2,000, and Cr Receivables $2,000✓
- 2Dr Allowance for receivables $2,400, and Cr Receivables $2,400
- 3Dr Receivables $2,400, and Cr Receivables $2,400
- 4Dr Receivables $2,000, and Cr Allowance for receivables $2,000
Correct answer
Dr Allowance for receivables $2,000, and Cr Receivables $2,000
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