A $4,500 payment for Rent Expense was incorrectly journalized and posted as a debit to Rent...
A $4,500 payment for Rent Expense was incorrectly journalized and posted as a debit to Rent Expense for $5,400 and a credit to Cash for $5,400. The correcting entry, using the one-step method, would include a
Select one:
a. debit to Cash for $900.
b. credit to Rent Expense for $4,500.
c. credit to Rent Expense for $5,400.
d. credit to Cash for $90.
Homework Answers
Correct answer-------a. debit to Cash for $900.
The complete correcting will be as follows
| General Journal | Debit | Credit |
| Cash | $ 900.00 | |
| Rent expense | $ 900.00 |
Rent expense is debited in excess whereas cash is credited in excess so in order to correct the entry cash will be debited and rent expense will be credited. The above entry will make both rent expense and cash equal to its correct balance which is $4500.
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