Fred's trial balance did not balance so he opened a suspense account with a debit balance of $346. Control accounts are maintained for receivables and payables. Fred discovered the following: 1 The sales day book was undercast by $400. 2 Purchases of $520 from the purchases day book have only been recorded in the payables ledger control account. Profit on sale of non-current assets of $670 had been recorded in the sundry income account as $760. What is the remaining balance on Fred's suspense account after these errors have been corrected?|

Fred's trial balance did not balance so he opened a suspense account with a debit balance of $346. Control accounts are maintained for receivables and payables. Fred discovered the following: 1 The sales day book was undercast by $400. 2 Purchases of $520 from the purchases day book have only been recorded in the payables ledger control account. Profit on sale of non-current assets of $670 had been recorded in the sundry income account as $760. What is the remaining balance on Fred's suspense account after these errors have been corrected?|

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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