Question
Faris is a whole seller, both sides of trial balance of his business as of 31 st December was equal. On subsequent check, the following
Faris is a whole seller, both sides of trial balance of his business as of 31st December was equal. On subsequent check, the following errors were detected:
1) Cash payment to supplier Sara of $85,000 paid by cash,recorded debit in cash account and credit in supplier Sara account.
2) Purchase equipment from supplier-1 of $10,000 recorded as $100,000 in company-1 account and purchase equipment from company-2 of $100,000 recorded $10,000 in supplier-2 account.
3) A cash sale of $55,000 not recorded in accounting's books.
4) Purchase supplies of $110,000 cash has been recorded in relevant accounts as $111,000.
5) Maintenance of motor vehicle $24,000 paid in cash has been recorded in the motor vehicle asset account
Required:
General journal entries to correct above errors.
IMPORTANT NOTES:
- Write your answer inside the box below, do not upload any file.
- Your answers should include (Account, Amount, Debit or Credit)
- Write each entry in separate line.
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