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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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