PLEASE DO NOT GIVE SOLUTION IN IMAGE FORMAT 1.The credit side of the bank account has been overcast by $1,200.A sales invoice for $2,000 had been posted on the wrong side of the receivables account.Office equipment was traded in for some new equipment. The trade-in value of $300 has been correctly entered in the Equipment -cost a/c but theother side of the entry was omitted.Rent received of $100 has been debited in the cash book but also debited in error to the rental income account.Car repairs of $74 shown in the cash book had been debited to the motor expenses account as $47.6.A cheque payment of computer repairs for $1,020 has been entered as $102 on both accounts.The purchases account contains a balance of $1,800 but this has been entered in the trial balance as $180.2.3.4.5.A trial balance failed to agree because the credit side exceeds the debit side by $2,347. A suspense account has been opened into which thedifference is entered. Subsequently the following errors were identified:7.Required:Prepare the journal entries needed to correct the above errors and show the entries in the suspense account.

The journal entries are prepared to keep the record of day to day transactions of the business on…

A trial balance failed to agree because the credit side exceeds the debit side by $2,347. A suspense account has been opened into which the difference is entered. Subsequently the following errors were identified: The credit side of the bank account has been overcast by $1,200. A sales invoice for $2,000 had been posted on the wrong side of the receivables account. Office equipment was traded in for some new equipment. The trade-in value of $300 has been correctly entered in the Equipment-cost a/c but t other side of the entry was omitted. Rent received of $100 has been debited in the cash book but also debited in error to the rental income account. Car repairs of $74 shown in the cash book had been debited to the motor expenses account as $47. A cheque payment of computer repairs for $1,020 has been entered as $102 on both accounts. The purchases account contains a balance of $1,800 but this has been entered in the trial balance as $180. Required: Prepare the journal entries needed to correct the above errors and show the entries in the suspense account

A trial balance failed to agree because the credit side exceeds the debit side by $2,347. A suspense account has been opened into which the difference is entered. Subsequently the following errors were identified: The credit side of the bank account has been overcast by $1,200. A sales invoice for $2,000 had been posted on the wrong side of the receivables account. Office equipment was traded in for some new equipment. The trade-in value of $300 has been correctly entered in the Equipment-cost a/c but t other side of the entry was omitted. Rent received of $100 has been debited in the cash book but also debited in error to the rental income account. Car repairs of $74 shown in the cash book had been debited to the motor expenses account as $47. A cheque payment of computer repairs for $1,020 has been entered as $102 on both accounts. The purchases account contains a balance of $1,800 but this has been entered in the trial balance as $180. Required: Prepare the journal entries needed to correct the above errors and show the entries in the suspense account

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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