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Question(s) / Instruction(s):

During the month of January, David Industries issued a check in the amount of $900 to a supplier on account. The check cleared the bank during January. The disbursement was recorded incorrectly as $970. The journal entry to correct this mistake when discovered will include:

a.            A credit to Cash for $970.             

b.            A credit to Cash for $70.

c.             A debit to Accounts Payable for $900.

d.            A debit to Cash for $49.

e.            A credit to Accounts Payable for $70.

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