The following accounting errors were detected in the course of the annual audit: (a) 16,000, the cost
Question:
The following accounting errors were detected in the course of the annual audit:
(a) £16,000, the cost of furniture acquired for office use from Smiths Ltd, has been recorded in the Purchases Day Book.
(b) £1,050 paid for servicing vehicles has been posted to the Motor vehicles account.
(c) £6,400 received from Bob Martin, a credit customer, has been posted in error to the Sales account.
(d) A sale of £9,400 to Joe Budd has been recorded in the Sales journal as £4,900 and posted to Jill Budd.
Required:
Set out journal entries necessary for correcting the errors.
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a Correcting the recording of furniture cost Debit Furniture Account 16000 Credit Purchases Day B...View the full answer
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Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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