After all the ledgers had been drawn up, the following differences and errors were identified. Indicate with a cross (X) where you would correct each of the differences and errors listed below, and explain your reasoning as so how, why and where you will make the correction: Hint: some might need to be corrected in more than one place. Difference or error Debtors list Debtors control Eg. The totol sales return column in the Debtors Allowance Journal was posted to the debit side of the Debtors Soles returns reduce the omount owing by o debtor. Control Account. The error has occurred in the Debtors control account only, thus there wil be no impact on the individual debtor's occount. The debtors control account should be credited twice. A credit invoice (issued by the business) has not been recorded at all. The Debtors control column in the debtors journal was "undercast". Notification has been received that the outstanding balance on one of the debtors should be written off as the debtor is insolvent. END OF PAPER
After all the ledgers had been drawn up, the following differences and errors were identified. Indicate with a cross (X) where you would correct each of the differences and errors listed below, and explain your reasoning as so how, why and where you will make the correction: Hint: some might need to be corrected in more than one place. Difference or error Debtors list Debtors control Eg. The totol sales return column in the Debtors Allowance Journal was posted to the debit side of the Debtors Soles returns reduce the omount owing by o debtor. Control Account. The error has occurred in the Debtors control account only, thus there wil be no impact on the individual debtor's occount. The debtors control account should be credited twice. A credit invoice (issued by the business) has not been recorded at all. The Debtors control column in the debtors journal was "undercast". Notification has been received that the outstanding balance on one of the debtors should be written off as the debtor is insolvent. END OF PAPER
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:After all the ledgers had been drawn up, the following differences and errors were identified.
Indicate with a cross (X) where you would correct each of the differences and errors listed below,
and explain your reasoning as so how, why and where you will make the correction:
Hint: some might need to be corrected in more than one place.
Difference or error
Debtors list
Debtors control
Eg. The totol sales return column in
the Debtors Allowance Journal was
posted to the debit side of the Debtors Soles returns reduce the omount owing by o debtor.
Control Account.
The error has occurred in the Debtors control account
only, thus there wil be no impact on the individual
debtor's occount. The debtors control account should
be credited twice.
A credit invoice (issued by the
business) has not been recorded at all.
The Debtors control column in the
debtors journal was "undercast".
Notification has been received that the
outstanding balance on one of the
debtors should be written off as the
debtor is insolvent.
END OF PAPER
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