Pass journal entries to rectify the following errors. The trial balance had $1,260 excess credit. The difference has been posted to a suspense account: (i) The total of returns inwards book has been cast $2,000 short. (ii) The purchase of an office table costing $6,000 has been passed through the purchases day book. (iii) A sum of $7,500 paid to workman for wages for making showcases has been charged to wages account (iv) A purchase of $1,340 has been posted to the creditor's account as $600. (v) A cheque of $4,000 received from Y has been dishonoured; it has been posted to the debit of allowances account. After passing journal entries, prepare the suspense account.
Pass journal entries to rectify the following errors. The trial balance had $1,260 excess credit. The difference has been posted to a suspense account: (i) The total of returns inwards book has been cast $2,000 short. (ii) The purchase of an office table costing $6,000 has been passed through the purchases day book. (iii) A sum of $7,500 paid to workman for wages for making showcases has been charged to wages account (iv) A purchase of $1,340 has been posted to the creditor's account as $600. (v) A cheque of $4,000 received from Y has been dishonoured; it has been posted to the debit of allowances account. After passing journal entries, prepare the suspense account.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter4: Journalizing And Posting Transactions
Section: Chapter Questions
Problem 11SPA: CORRECTING ERRORS Assuming that all entries have been posted, prepare correcting entries for each of...
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(i) The total of returns inwards book has been cast $2,000 short.
(ii) The purchase of an office table costing $6,000 has been passed through the purchases day book.
(iii) A sum of $7,500 paid to workman for wages for making showcases has been charged to wages account
(iv) A purchase of $1,340 has been posted to the creditor's account as $600.
(v) A cheque of $4,000 received from Y has been dishonoured; it has been posted to the debit of allowances account.
After passing journal entries, prepare the suspense account.
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