Simon Pharmacy uses the following journals: Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Disbursements Journal, and
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However, in journalizing the payment, the bookkeeper debited Accounts Payable for $24,000 and failed to record the cash discount. Cash was credited for the actual amount paid. In what journals would the transactions of June 5 and June 14 have been recorded? What procedure is likely to discover the error in journalizing the June 14 transaction?
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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