A $500 purchase of merchandise on account from Liu Company was properly recorded in the purchases journal.

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A $500 purchase of merchandise on account from Liu Company was properly recorded in the purchases journal. When posted, however, the amount recorded in the subsidiary ledger was $50. How might this error be discovered?

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Accounting Tools for Business Decision Making

ISBN: 978-1118096895

6th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: Aug 24, 2016 02:08 AM

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A $500 purchase of merchandise on account from Liu Company was properly recorded in the purchases journal.

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At the end of the month after all postings to both the general le...View the full answer

Accounting Tools for Business Decision Making

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