Accounting for IGCSE & O level - Accounting Procedures (Section 25 - No. 48)
What are the correct corrections when the sales commission was recorded in the purchase journal?
Debit £160 in sales account and credit trade payable amount and add £160 to draft profit
Debit £160 in trade payable amount and credit sales account and add £160 to draft profit
Debit £160 in sales account and credit trade payable amount and add £160 to draft profit
Debit £160 in capital and credit sales account
Explanation
Debit Sales account, credit trade payable account.
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