Accounting for IGCSE & O level - Accounting Procedures (Section 11 - No. 11)
When the sales commission was overstated, what will be the correct entry in the journal?
Debit the expenses and credit the revenue.
Debit the revenue and credit the expense.
Debit the revenue and credit the capital.
Debit the expense and credit the capital.
Explanation
If it was overstated, then debit the sales amount and credit the expense amount.
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