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Refer to the exhibit.
A suspense account shows a credit balance of $230 which has arisen because of the recording of a gas bill twice in the gas account.
In order to correct the error, which one of the following journal entries is required?
The correct journal entry is
Suggested Answer: A
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40 comments · newest first
CH
Cherry
12 months ago
Just to clarify, the gas bill was recorded twice, right?
ST
Staci
12 months ago
I think the correct entry is option B.
RU
Ruth
1 year ago
Wait, is it really that simple to fix?
LA
Lauran
1 year ago
Totally agree, double recording can mess things up!
IR
Irma
1 year ago
The suspense account has a credit balance of $230.
MA
Matthew
1 year ago
I think the correct entry involves reducing the suspense account, but I can't recall the exact journal entry format we used.
NA
Nathalie
1 year ago
I feel a bit confused about whether the credit balance means we should be debiting or crediting something else.
KA
Kayleigh
1 year ago
This question seems similar to one we practiced about correcting double entries. I think we need to debit the gas account to fix it.
CO
Colette
1 year ago
I remember we discussed suspense accounts in class, but I'm not entirely sure which entry to choose here.
PH
Phil
1 year ago
This question seems straightforward, but I want to make sure I understand the key features for preventing unknown targeted attacks.
EL
Elvera
1 year ago
This seems like a pretty straightforward question. The data needs to persist throughout the current shopping experience, so I'm thinking a session scope variable would be the best option.
VA
Vanesa
1 year ago
I think the key is to focus on indexing and reducing the amount of data returned. The "only update records that have changed" option sounds interesting, but I'll need to understand how that works in practice.
AL
Alexis
1 year ago
This one seems straightforward. The key is to identify the correct term that describes the logic in reusable services.
DE
Deandrea
1 year ago
Hmm, I'm a bit confused on this one. I know that WEP is not secure, so B is definitely not the answer. But I'm not sure if broadcasting on 5Ghz or putting the network on a separate VLAN would really help prevent eavesdropping. I think I'll go with C just to be safe.
LA
Laticia
1 year ago
This is the kind of question that makes me want to throw my calculator out the window! But I'll resist the urge and go with C. Gotta keep a cool head in these exams.
GW
Gwen
1 year ago
C makes the most sense to me. Debit the suspense account to remove the credit balance, and credit the gas account to fix the double recording. Textbook accounting, really.
RO
Rosendo
1 year ago
Good catch on identifying the error and knowing how to correct it.
CH
Christiane
1 year ago
Definitely, textbook accounting principles at work here.
BE
Bev
1 year ago
It's a simple fix, just need to debit the suspense account and credit the gas account.
WE
Werner
1 year ago
I agree, C is the correct journal entry to fix the error.
GO
Golda
1 year ago
Haha, as if accounting could ever be easy! This question is a real brain-teaser. I'm going to go with B just to keep things interesting.
ME
Merri
1 year ago
User 3: B seems like the right choice
VI
Viva
1 year ago
User 2: I'm going with C
EL
Elin
1 year ago
User 1: I think it's A
CH
Chantell
1 year ago
Hmm, I'm not sure about this one. Let me think it through again. I'm leaning towards D, but I'll double-check my work.
DA
Dannie
1 year ago
User 3: I'm leaning towards D, but I'll double-check my work.
JA
Janessa
1 year ago
User 2: I'm not sure, I was thinking it could be C.
EL
Elliot
1 year ago
User 1: I think it might be A.
JA
Jaclyn
2 years ago
I think the correct entry is C. The suspense account has a credit balance, so we need to debit the suspense account and credit the gas account to correct the error.
DA
Dacia
1 year ago
Cyril: Oh, I see. Thanks for the explanation.
CY
Cyril
1 year ago
User 3: I agree with Kristeen, we need to debit the suspense account and credit the gas account to correct the error.
KR
Kristeen
1 year ago
User 2: No, I believe the correct entry is A.
DA
Davida
1 year ago
User 1: I think the correct entry is C.
JE
Jerry
1 year ago
Gilbert: Oh, that makes sense. Thanks for explaining.
GI
Gilbert
1 year ago
Bulah: Because the suspense account has a credit balance, so we need to debit the suspense account and credit the gas account to correct the error.
BU
Bulah
1 year ago
User 2: Why do you think that?
JE
Jesus
1 year ago
User 1: I think the correct entry is C.
VI
Vicente
2 years ago
Hmm, that makes sense. I see your point. Option C could be the correct answer then.
SA
Sarah
2 years ago
I believe it should be option C, because we need to reverse the double recording of the gas bill.
VI
Vicente
2 years ago
I think the correct journal entry is option A.