Rectify the following errors: (a) Credit sales to Mohan 7,000 were posted to Karan. (b) Credit
Question:
Rectify the following errors:
(a) Credit sales to Mohan ₹ 7,000 were posted to Karan.
(b) Credit purchases from Rohan ₹ 9,000 were posted to Gobind.
(c) Goods returned to Rakesh ₹ 4,000 were posted to Naresh.
(d) Goods returned from Mahesh ₹ 1,000 were posted to Manish.
(e) Cash sales ₹ 2,000 were posted to commission account.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (2 reviews)
To rectify the errors described we will need to make the following journal entries a Credit sales to ...View the full answer
Answered By
Ma Kristhia Mae Fuerte
I have extensive tutoring experience, having worked as a private tutor for over three years. I have tutored students from different academic levels, including high school, undergraduate, and graduate levels. My tutoring experience has taught me to be patient, attentive to student needs, and effective in communicating difficult concepts in simple terms.
I have a strong background in statistics, probability theory, data analysis, and data visualization. I am proficient in using statistical software such as R, Python, and SPSS, which are commonly used in academic research and data analysis. Additionally, I have excellent communication and interpersonal skills, which enable me to establish rapport with students, understand their learning styles, and adapt my teaching approach to meet their needs.
I am passionate about teaching and helping students achieve their academic goals.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accountancy Financial Accounting Part 1 Textbook For Class 11
ISBN: 9788174505071
1st Edition
Authors: NCERT
Question Posted:
Students also viewed these Business questions
-
Rectify the following errors assuming that a suspense account was opened. Ascertain the difference in trial balance. (a) Credit sales to Mohan 7,000 were posted to Karan as 5,000. (b) Credit...
-
Rectify the following errors assuming that suspense account was opened. Ascertain the difference in trial balance. (a) Credit sales to Mohan 7,000 were recorded in Purchase Book. However, Mohans...
-
Rectify the following errors assuming that a suspense account was opened. Ascertain the difference in trial balance. (a) Credit sales to Mohan 7,000 were posted to the credit of his account. (b)...
-
The quality of information that gives assurance that it is reasonably free of error and bias and is a faithful representation is: a Neutrality b Reliability c Relevance d Verifiability
-
In 2011, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2013. Information related to the contract is...
-
How much unearned revenue does Rogers report on its December 31, 2011 balance sheet? What does the amount represent? Why is it considered a liability? What does an increase in unearned revenue mean...
-
A conducting sphere has a radius of \(2.25 \mathrm{~m}\) and carries a positive surplus charge of \(35.0 \mathrm{mC}\). A protective layer of barium titanate is applied to the surface of the sphere...
-
Molly Riggss medical testing company wishes to assign a set of jobs to a set of machines. The following table provides the production data of each machine when performing the specific job: (a)...
-
using deal and grove formula, Create a matlab code to show the General relationship for thermal oxidation of silicon using dry oxidation and wet oxidation. The solid line represents the general...
-
Rectify the following errors : (a) Furniture purchased for 10,000 wrongly debited to purchases account. (b) Machinery purchased on credit from Raman for 20,000 was recorded through purchases book....
-
Rectify the following errors and ascertain the amount of difference in trial balance by preparing suspense account: (a) Credit sales to Mohan 7,000 were posted as 9,000. (b) Credit purchases from...
-
Presented below is the current liabilities section of Micro Corporation. Instructions Answer the following questions. (a) What are the essential characteristics that make an item a liability? (b) How...
-
Arnez Company's annual accounting period ends on December 31. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year...
-
Red Hawk Enterprises sells handmade clocks. Its variable cost per clock is $5.00, and each clock sells for $13.00. Calculate Red Hawk's unit contribution margin. Calculate Red Hawk's contribution...
-
If an employee option to buy 2,000 shares of the employer's stock has a strike price of $23.00 and on May 18, 2021 the stock's market price is $37.00, what is the intrinsic value of this option?...
-
Lala (60 kg) lands on the ground with a downward vertical velocity of 8.0 m/s. Her center of gravity displaces downward for 0.7 m from initial contact to complete stop. a) Calculate the change in...
-
A car of 2 0 0 0 kg goes over the top of a hill of radius 5 0 m at a speed of 2 0 m / s . What normal force in Newtons does the road exert on the car as it goes over the hill?
-
The United States Public Health Service (USPHS) recom-mends the fluoridation of water as a means for prevent-ing tooth decay. The recommended concentration is 1 mg F2/L. The presence of calcium ions...
-
Using the parallel-axis theorem, determine the product of inertia of the area shown with respect to the centroidal x and y axes. 6 in. 9 in. 9 in- 4.5 in. in. 4.5 in.
-
You are studying frantically for an accounting exam tomorrow. You are having difficulty in this course, and the grade you make on this exam can make the difference between receiving a final grade of...
-
Define fraud. List and briefly discuss the three major components of the fraud triangle.
-
List the components of internal control. Briefly describe each component.
-
Transaction Account Name Debit Credit 1. Accounts Receivable 7,700 Service Revenue 7,700 2. Supplies 1,950 Accounts Payable 1,950 3. Cash 9,500 Accounts Receivable 9,500 4. Advertising Expense 1,200...
-
JAS Clocks Corp. shows the following data: Year 20XW Net income Total assets $127,000 $1,580,000 20XX 20XY 133,000 1,980,000 158,000 2,480,000 20XZ 183,000 3,080,000 Shareholders' equity $ 830,000...
-
Discuss whether managers should focus on managing translation exposure, and why or why not.
Study smarter with the SolutionInn App