Accounting for IGCSE & O level - Accounting Procedures (Section 11 - No. 2)
What are the correct entries if advertising expenses were understated by £300 and sales were understated by £300?
Debit the advertising amount and credit the sum amount.
Debit the sales and credit the sum amount.
Debit the advertising amount and credit sales amount.
Credit the sales and debit the advertising amount.
Explanation
Debit advertising and sales to correct the error.
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