A recorded payment of cash on account to a creditor by debiting accounts receivable and crediting cash would have a correcting entry as?

To understand the correcting entry for a recorded payment of cash on account to a creditor, we need to first understand the initial entry and the error that needs to be corrected.

The initial entry for a recorded payment of cash on account to a creditor would be to debit the accounts receivable account and credit the cash account. This entry reflects the decrease in the accounts receivable balance (since the payment reduces the amount owed by the debtor) and the increase in the cash balance.

Now, let's say there was an error in the initial entry. Perhaps the wrong accounts receivable account was debited, or the wrong amount was recorded. To correct this error, we need to reverse the initial entry and record the correct entry.

The correcting entry would involve debiting the cash account to reduce the cash balance (since the payment was already recorded) and crediting the accounts receivable account to increase the accounts receivable balance (since the payment is now correctly allocated to the appropriate receivable).

The correcting entry would look like this:

Debit: Cash (to reduce the cash balance)
Credit: Accounts Receivable (to increase the accounts receivable balance)

It's important to note that the specific amounts and accounts involved in the correcting entry may vary depending on the nature of the initial error. This explanation provides a general approach to correcting an error in a recorded payment of cash on account to a creditor.