The following invoice was issued to Blue Gum Organics and payment was received on 22/10/2020. The funds were banked and the following journal entry was recorded in Paymore Landscaper's Cash Receipts Journal: Dr Bank $55 Cr Debtors $55 A receipt was emailed to Blue Gum Organics on 23/10/2020 acknowledging their payment of $550: 7.5 Check the invoice for Blue Gum Organics, above. In accordance with the firm's policies and procedures, an adjustment to rectify the error must be made. Record the adjustment needed in the Cash Receipts Journal to correct the error.

Answer rating: 100% (QA)

Based on the information provided it seems that there was an error in recording the payment in t... View the full answer