An Interest Expense of $125 has incorrectly been debited to Utilities Expense. Which journal entry is required to correct the original journal entry? debit Utilities Expense $125 and credit Suspense Account $125 credit Interest Expense $125 and debit Suspense Account $125 credit Interest Expense $125 and debit Utilities Expense $125 debit Interest Expense $125 and credit Suspense Account $125 debit Interest Expense $125 and credit Utilities Expense $125
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Step 1: Since the Interest Expense of $125 has been incorrectly debited to Utilities Expense, we need to correct this error by debiting Utilities Expense and crediting Interest Expense. Show more…
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