After extracting a trial balance, Ralph has discovered the following errors in his double entry system Rent
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Question:
After extracting a trial balance, Ralph has discovered the following errors in his double entry system
- Rent £200 had been entered in the rates account
- The wages account had been undercast by £400.
- Payment made to Tom £146 entered in the cash book but not in Tom’s account
- Payment for insurance £273 debited in the cash book and credited to insurance account.
Required
journal entries to correct the errors
a suspense account after the errors have been corrected.
State which side of the trial balance was larger before the discovery of the errors
Related Book For
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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