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A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors. Indicate when each
A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors. Indicate when each error should be discovered.
A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors. Indicate when each error should be discovered. 1. Made an addition error in totaling the Office Supplies column of the purchases journal. When preparing the trial balance. When preparing the schedule of accounts payable When crossfooting the purchases journal. 2. Made an addition error in determining the balance of a creditor's subsidiary account When preparing the trial balance. When preparing the schedule of accounts payable. When crossfooting the purchases journal. 3. Posted a purchases return to the Accounts Payable account and to the creditor's subsidiary account but did not post the purchases return to the Inventory account. When preparing the trial balance. When preparing the schedule of accounts payable. When crossfooting the purchases journal Step by Step Solution
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