what is the solution for The credit total of a trial balance exceeds the debit total by P350. In investigating the cause of the difference, the following errors were determined: a credit to accounts receivable of P550 was not posted; a P5,000 debit to be made to the Purchases account was debited to Accounts payable instead; a P3,000 credit to be made to the Sales account was credited to the Accounts receivable account instead; the Interest payable account balance of P4,500 was included in the trial balance as P5,400. The correct balance of the trial balance is
what is the solution for The credit total of a trial balance exceeds the debit total by P350. In investigating the cause of the difference, the following errors were determined: a credit to accounts receivable of P550 was not posted; a P5,000 debit to be made to the Purchases account was debited to Accounts payable instead; a P3,000 credit to be made to the Sales account was credited to the Accounts receivable account instead; the Interest payable account balance of P4,500 was included in the trial balance as P5,400. The correct balance of the trial balance is
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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what is the solution for The credit total of a
a credit to
a P5,000 debit to be made to the Purchases account was debited to Accounts payable instead;
a P3,000 credit to be made to the Sales account was credited to the Accounts receivable account instead;
the Interest payable account balance of P4,500 was included in the trial balance as P5,400.
The correct balance of the trial balance is
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