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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
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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