How will be the following errors rectified?(1) Purchases Book is overcasted by $10,000.(ii) Purchases Return Book is overcasted by $ 1,000.(iii) Purchases Return Book's balance is carried forward in excess by $100.(iv) Purchases Book's balance is carried forward in excess by $1,000.

Correction of errors that do not impact the trial balance includes errors on both the debit and…

How will be the following errors rectified? (1) Purchases Book is overcasted by $10,000. (ii) Purchases Return Book is overcasted by $ 1,000. (ii) Purchases Return Book's balance is carried forward in excess by $100. (iv) Purchases Book's balance is carried forward in excess by $1,000.

How will be the following errors rectified? (1) Purchases Book is overcasted by $10,000. (ii) Purchases Return Book is overcasted by $ 1,000. (ii) Purchases Return Book's balance is carried forward in excess by $100. (iv) Purchases Book's balance is carried forward in excess by $1,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 26MC: A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize...

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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