Write out the Journal Entries to rectify the following errors, using a Suspense Account. (1) Goods of

Write out the Journal Entries to rectify the following errors, using a Suspense Account.
 

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(1) Goods of the value of 5,000 returned by Mr. Sharma were entered in the Sales Day Book and posted therefrom to the credit of his account; (2) An amount of 7,500 entered in the Sales Returns Book, has been posted to the debit of Mr. Hari, who returned the goods; (3) A sale of $20,000 made to Mr. Amit was correctly entered in the Sales Day Book but wrongly posted to the debit of Mr. Sumit as * 2,000; (4) Bad Debts aggregating 15,000 were written off during the year in the Sales ledger but were not adjusted in the General Ledger; and (5) The total of "Discount Allowed" column in the Cash Book for the month of September, 2020 amounting to 12,500 was not posted. (1) Goods of the value of 5,000 returned by Mr. Sharma were entered in the Sales Day Book and posted therefrom to the credit of his account; (2) An amount of 7,500 entered in the Sales Returns Book, has been posted to the debit of Mr. Hari, who returned the goods; (3) A sale of $20,000 made to Mr. Amit was correctly entered in the Sales Day Book but wrongly posted to the debit of Mr. Sumit as * 2,000; (4) Bad Debts aggregating 15,000 were written off during the year in the Sales ledger but were not adjusted in the General Ledger; and (5) The total of "Discount Allowed" column in the Cash Book for the month of September, 2020 amounting to 12,500 was not posted.

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iSales Ac Dr 5000 Sales Returns Ac Dr 5000 To Suspense Ac Cr 10000 Th... View the full answer