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Transaction Account Titles and Explanations Debit ($) Credit ($) (i) Motor vehicle 2480               Purchase   2480   ( To correct purchase of motor vehicle)     (ii) Suspense 3360               Discount received ( 1680 * 2 )   3360   ( To credit discount received)     (iii) Purchase 860               Suspense   860   ( To correct under-cast of purchase)     (iv) Suspense 990               Accounts payable- J Blake (4030-3040)   990   ( To credit the remaining amount of J Blake )     (v) Accounts payable- B Collins 230               Accounts payable - A Cornel   230   ( To rectify the correct account name)     (vi) Suspense 2180               Accounts payable-K. Kong   2180   ( To record received amount in K kong)     Please to create the suspense acc

Transaction Account Titles and Explanations Debit ($) Credit ($) (i) Motor vehicle 2480               Purchase   2480   ( To correct purchase of motor vehicle)     (ii) Suspense 3360               Discount received ( 1680 * 2 )   3360   ( To credit discount received)     (iii) Purchase 860               Suspense   860   ( To correct under-cast of purchase)     (iv) Suspense 990               Accounts payable- J Blake (4030-3040)   990   ( To credit the remaining amount of J Blake )     (v) Accounts payable- B Collins 230               Accounts payable - A Cornel   230   ( To rectify the correct account name)     (vi) Suspense 2180               Accounts payable-K. Kong   2180   ( To record received amount in K kong)     Please to create the suspense acc

FINANCIAL ACCOUNTING
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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Transaction Account Titles and Explanations Debit ($) Credit ($)
(i) Motor vehicle 2480  
            Purchase   2480
  ( To correct purchase of motor vehicle)    
(ii) Suspense 3360  
            Discount received ( 1680 * 2 )   3360
  ( To credit discount received)    
(iii) Purchase 860  
            Suspense   860
  ( To correct under-cast of purchase)    
(iv) Suspense 990  
            Accounts payable- J Blake (4030-3040)   990
  ( To credit the remaining amount of J Blake )    
(v) Accounts payable- B Collins 230  
            Accounts payable - A Cornel   230
  ( To rectify the correct account name)    
(vi) Suspense 2180  
            Accounts payable-K. Kong   2180
  ( To record received amount in K kong)    

Please to create the suspense acc

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