A company checks written for $600 for rent expense cleared the bank correctly but the company accountant incorrectly recorded the check for $60.

The journal entry to correct this error would be:

a. debit cash, $540; credit rent expense, $540

b. debit rent expense, $600; credit cash, $600

c. no journal entry required

d. debit rent expense, $540; credit cash $540

Option D,debit rent expense, $540; credit cash $540

Explanation:

To start with, it is important to note that the check of $600 has correct posting in the bank account,hence that requires no adjustment.

However, on the cash book side, a lesser amount has been credited as outflow of cash to the tune of $540($600-$60),hence the correct entry would be record the balancing cash flow by crediting cash book and debiting the rent expense account,hence option D appropriately captured that correct entry.

d. all of the above are true.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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