Account 2.0 A sale of $151 to Mr. A had been posted correctly to the personal account but entered in the Sales Day Book as $115 3.0 A cheque received from Mr. B entered correctly in the Cash Book as $766 had been posted to the company's account as $760. 4.0 The purchase of new machinery for $1,200 had been posted to the Stock Account. 5.0 A sale of $265 to Mr. C had not been posted to his account. 6.0 Bank interest charges of $720 were correctly entered in the Cash Book but the other side of the double entry had been omitted. Required: Prepare Journal entries to correct the above errors
Account 2.0 A sale of $151 to Mr. A had been posted correctly to the personal account but entered in the Sales Day Book as $115 3.0 A cheque received from Mr. B entered correctly in the Cash Book as $766 had been posted to the company's account as $760. 4.0 The purchase of new machinery for $1,200 had been posted to the Stock Account. 5.0 A sale of $265 to Mr. C had not been posted to his account. 6.0 Bank interest charges of $720 were correctly entered in the Cash Book but the other side of the double entry had been omitted. Required: Prepare Journal entries to correct the above errors
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
Please Introduction and show work without plagiarism please
Transcribed Image Text:When the trial balance of XYZ Ltd as at
30/9/08 was prepared, a difference
was found. A Suspense Account was
created in order to achieve the
balance:
Examination of the books showed the
following:
1.0 Discount allowed of $76 had been
credited to the Discount Received
Account
2.0 A sale of $151 to Mr. A had been
posted correctly to the personal
account but entered in the Sales Day
Book as $115
3.0 A cheque received from Mr. B
entered correctly in the Cash Book as
$766 had been posted to the
company's account as $760.
4.0 The purchase of new machinery for
$1,200 had been posted to the Stock
Account.
5.0 A sale of $265 to Mr. C had not
been posted to his account.
6.0 Bank interest charges of $720 were
correctly entered in the Cash Book but
the other side of the double entry had
been omitted.
Required: Prepare Journal entries to
correct the above errors.
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