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Which one o

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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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tutuis Were: DEBIT CREDIT $387,642 $379,511 A suspense account was opened for the difference. Which one of the following errors would have the effect of reducing the difference when corrected? The petty cash balance of $500 has been omitted from the trial balance. B $4,000 received for rent of part of the office has been correctly recorded in the cash book and debited to rent account. C $3,000 paid for repairs to plant has been debited to the plant asset account. D An invoice for Mr A Smith for $400 has been posted to the account of Mrs B Smith in error.
Transcribed Image Text:tutuis Were: DEBIT CREDIT $387,642 $379,511 A suspense account was opened for the difference. Which one of the following errors would have the effect of reducing the difference when corrected? The petty cash balance of $500 has been omitted from the trial balance. B $4,000 received for rent of part of the office has been correctly recorded in the cash book and debited to rent account. C $3,000 paid for repairs to plant has been debited to the plant asset account. D An invoice for Mr A Smith for $400 has been posted to the account of Mrs B Smith in error.
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