A debtor, who owed a company $565, deposited a check in the bank. The bank credited the company’s account by the same account. However, in the company’s checkbook balance, it was credited as $556. What will the adjusting journal entries be?
The company will debit the cash account with $(9,556,547)and(Add,credit,debit)to the accounts receivable account the same amount to rectify the error.