To ensure financials are reported accurately, the CFO will review the account reconciliation reports from the balance sheet. The CFO reviewed the bank reconciliation and noticed a fictitious amount of $400 was recorded. The original journal entry was $400 credit to bank and $400 debit to other expense. The CFO realized the amount fictitious to balance the bank account reconciliation, and it should be recorded as payment for a light bill. What would be the correct entry? (accounts to use: utilities expense and cash).

To ensure financials are reported accurately, the CFO will review the account reconciliation reports from the balance sheet. The CFO reviewed the bank reconciliation and noticed a fictitious amount of $400 was recorded. The original journal entry was $400 credit to bank and $400 debit to other expense. The CFO realized the amount fictitious to balance the bank account reconciliation, and it should be recorded as payment for a light bill. What would be the correct entry? (accounts to use: utilities expense and cash).

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