Question $3$

Marks

Prepare a journal to correct the errors.

GHI incorrectly records a $$500$ wage expense as sales.

Depreciation expense is not recorded for the current period, which is $$1,400.$

Credit sales revenue is recorded twice, $$800.$

A company records a payment twice, $$680$ cash and Telephone expenses.

A loan payable is recorded as an accounts payable of $$25,000.$

Accrued salary expenses are not recorded; they are $$1,200.$

The water expense of $$1,520$ was paid in cash and recorded as $$1,250.$

Cash of $$2,500$ was received from an outstanding customer.

A company fails to record a credit sale, $$8,400$

Electricity for the next financial year was recorded in the current financial year at $$300.$

Cash received from a loan is recorded as sales, $$10,000.$

Interest received from investing was recorded as interest expense, $$700$

Cash received from customers, $$280,$ was rejected by the bank as the notes were fake.

A motor vehicle that cost $$200,000$ cash was debited to the motor vehicle and credited to purchases.

Cash sales returns were not accounted for, $$900.$

Cash received from customers for goods to be delivered next financial year was recorded as sales, $$400.$

Credit sale of $$500$ worth of goods was not recorded last financial year.

Cash of $$3,000$ was paid to the owner's sons for a private trip.

A customer that was written off with $$100$ was debited to provision for bad debts.

Cash payment to the supplier $$600$ was recorded to a customer.

Interest on the loan was not recorded, $$350.$