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Home/ Questions/An Interest Expense of $125 has incorrectly been debited to Utilities Expense.
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lyytutoria
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lyytutoriaExpert
Asked: April 13, 20222022-04-13T05:45:11+00:00 2022-04-13T05:45:11+00:00In: Accounting

An Interest Expense of $125 has incorrectly been debited to Utilities Expense.

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An Interest Expense of $125 has incorrectly been debited to Utilities Expense. 

Which journal entry is required to correct the original journal entry? 

SELECT ONLY ONE 

1, debit Utilities Expense $125 and credit Suspense Account $125 

2, credit Interest Expense $125 and debit Suspense Account $125 

3, credit Interest Expense $125 and debit Utilities Expense $125 

4, debit Interest Expense S125 and credit Suspense Account $125 

5, debit Interest Expense $125 and credit Utilities Expense $125

♦ Relevant knowledge
Journal entries are utilized to record the activities a business performs and is based on a double-entry system for the debits as well as credits. Credits and debits ensure the balance of the accounts because accounting adjusts the equation: The equation is Assets = Liabilities + Equity

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    lyytutoria Expert
    2022-04-27T02:03:29+00:00Added an answer on April 27, 2022 at 2:03 am

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  2. Harry Taylor
    2022-04-13T05:45:14+00:00Added an answer on April 13, 2022 at 5:45 am

    Correcting entry

    Date Account and explanation Debit Credit
    Interest expense 125
    Utilities expense 125

    Answer is e: Debit interest expense $125, credit utilities expense $125

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