Accounting for IGCSE & O level - Accounting Procedures (Section 10 - No. 1)
How would you correct the error where a $240 receivable fee was recorded in the purchase journal?
Debit Trade payables, Credit Supplier's account
Debit Supplier's account, Credit draft profit
Debit Supplier's account, Credit Trade payables
Debit Trade payables, Credit draft profit
Explanation
Debit Supplier's account and credit Trade payables
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