Answer to Question #153521 in Financial Math for Oparebea Manteaw

Question

Q1. Show the journal entries necessary to correct the following errors: (a) A sale of goods GHS412 to T More had been entered in T Mone’s account. (b) The purchase of a machine on credit from J Frank for GHS619 had been completely omitted from our books. (c) The purchase of a computer for GHS550 had been entered in error in the Office Expenses account. (d) A sale of GHS120 to B Wood had been entered in the books, both debit and credit, as GHS102. (e) Commission received GHS164 had been entered in error in the Sales account. (f ) A receipt of cash from T Blair GHS68 had been entered on the credit side of the cash book and the debit side of T Blair’s account. (g) A purchase of goods GHS372 had been entered in error on the debit side of the Drawings account. (h) Discounts Allowed GHS48 had been entered in error on the debit side of the Discounts Received account.

Answer 1

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