Answered: Ms. Sumaya is an Accountant in a…

Name: Ms. Sumaya is an Accountant in a Wholesale merchandise business. The b
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Ms. Sumaya is an Accountant in a Wholesale merchandise business. The business uses periodic inventory system. The Business purchase merchandise on Credit from Nizwa Industries for OMR 25,000. But it has been posted to Credit side of Nizwa Industries

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Ms. Sumaya is an Accountant in a Wholesale merchandise business. The business uses periodic inventory system. The Business purchase merchandise on Credit from Nizwa Industries for OMR 25,000. But it has been posted to Credit side of Nizwa Industries as OMR 52,000 but purchase account was posted correctly by the accountant. Which of the following rectification entry is Correct? a. Debit Nizwa Industries with OMR 27000 b. Debit Purchase OMR 27,000 Credit Nizwa Industries OMR 27,000 c. Credit Nizwa Industries with OMR 27000 d. Debit Nizwa Industries OMR 27,000 Credit Purchase OMR 27,000

Expert Solution

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions