Accounting for IGCSE & O level - Accounting Procedures (Section 2 - No. 49)
A receivable fee of $240 was recorded in the purchase journal on the credit side, which impacted the profit. What is the journal entry for the same?
Debit $240 to trade payables account
Debit $240 to the supplier's account
Debit $240 from draft profit
Add $240 from the draft profit.
Explanation
Debit $240 to the supplier's account.
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