Pass journal entries to rectify the following errors. The trial balance had $1,260 excess credit. The difference has been posted to a suspense account: (i) The total of returns inwards book has been cast $2,000 short. (ii) The purchase of an office table costing $6,000 has been passed through the purchases day book. (iii) A sum of $7,500 paid to workman for wages for making showcases has been charged to wages account (iv) A purchase of $1,340 has been posted to the creditor's account as $600. (v) A cheque of $4,000 received from Y has been dishonoured; it has been posted to the debit of allowances account. After passing journal entries, prepare the suspense account.

Pass journal entries to rectify the following errors. The trial balance had $1,260 excess credit. The difference has been posted to a suspense account: (i) The total of returns inwards book has been cast $2,000 short. (ii) The purchase of an office table costing $6,000 has been passed through the purchases day book. (iii) A sum of $7,500 paid to workman for wages for making showcases has been charged to wages account (iv) A purchase of $1,340 has been posted to the creditor's account as $600. (v) A cheque of $4,000 received from Y has been dishonoured; it has been posted to the debit of allowances account. After passing journal entries, prepare the suspense account.

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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