Inquiries undertaken after the failure of the Trial Balance to balance revealed that the difference was wholly
Question:
Inquiries undertaken after the failure of the Trial Balance to balance revealed that the difference was wholly due to carrying down the Cash account balance of £74,800 as £47,800. No suspense account was set up. To correct this error which of the following courses of action is necessary?
(a) No journal entry: Debit the Cash account with £27,000
(b) Journal entry: Debit Cash account and credit Suspense account with £27,000
(c) Journal entry: Debit Suspense account and credit Cash account with £27,000
(d) Journal entry: Debit Cash account and credit Sales account with £27,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a No journ...View the full answer
Answered By
Salmon ouma
I am a graduate of Maseno University, I graduated with a second class honors upper division in Business administration. I have assisted many students with their academic work during my years of tutoring. That has helped me build my experience as an academic writer. I am happy to tell you that many students have benefited from my work as a writer since my work is perfect, precise, and always submitted in due time. I am able to work under very minimal or no supervision at all and be able to beat deadlines.
I have high knowledge of essay writing skills. I am also well conversant with formatting styles such as Harvard, APA, MLA, and Chicago. All that combined with my knowledge in methods of data analysis such as regression analysis, hypothesis analysis, inductive approach, and deductive approach have enabled me to assist several college and university students across the world with their academic work such as essays, thesis writing, term paper, research project, and dissertation. I have managed to help students get their work done in good time due to my dedication to writing.
4+ Reviews
16+ Question Solved
Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
Question Posted:
