The following errors were found in the books of Rosco Consulting during the month: 1. Consultancy Service provided to Briggs Safety on account for $1500 had been omitted completely from the books. 2. A purchase of supplies for $10o00 was entered in the cash account but omitted from the supplies account 3. Motor Vehicle purchased for $129,000 cash was entered in the books as $1290. 4. Drawings of $1000 were recorded as $100. 5. A gas bill for $500 was entered in the motor vehicle account Required: i. Record the journal entries necessary to correct each of the errors. Narrations are not required ii. State the type of error made for (i), (ii) & (v)

The following errors were found in the books of Rosco Consulting during the month: 1. Consultancy Service provided to Briggs Safety on account for $1500 had been omitted completely from the books. 2. A purchase of supplies for $10o00 was entered in the cash account but omitted from the supplies account 3. Motor Vehicle purchased for $129,000 cash was entered in the books as $1290. 4. Drawings of $1000 were recorded as $100. 5. A gas bill for $500 was entered in the motor vehicle account Required: i. Record the journal entries necessary to correct each of the errors. Narrations are not required ii. State the type of error made for (i), (ii) & (v)

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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