TransactionAccount Titles and ExplanationsDebit ($)Credit ($)(i)Motor vehicle2480 Purchase 2480 ( To correct purchase of motor vehicle) (ii)Suspense3360 Discount received ( 1680 * 2 ) 3360 ( To credit discount received) (iii)Purchase860 Suspense 860 ( To correct under-cast of purchase) (iv)Suspense990 Accounts payable- J Blake (4030-3040) 990 ( To credit the remaining amount of J Blake ) (v)Accounts payable- B Collins230 Accounts payable - A Cornel 230 ( To rectify the correct account name) (vi)Suspense2180 Accounts payable-K. Kong 2180 ( To record received amount in K kong) Please to create the suspense acc

Name: TransactionAccount Titles and ExplanationsDebit ($)Credit ($)(i)Motor
Uploaded: 2024-03-04T10:43:15.000Z
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Description: TransactionAccount Titles and ExplanationsDebit ($)Credit ($)(i)Motor vehicle2480 Purchase 2480 ( To correct purchase of motor vehicle) (ii)Suspense3360 Discount received ( 1680 * 2 ) 3360 ( To credit discount received) (iii)P

Suspense account means the account which is opened when the trial balance does not agree because of…

Answered: Transaction Account Titles and…

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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