Accounting for IGCSE & O level - Accounting Procedures (Section 3 - No. 11)
What are the corrections required in the journal for the scenario where a sales commission of $140 was misposted as $400?
Debit $260 to the suspense account and credit sales commission
Debit $260 to the sales commission account and credit suspense account
Debit $260 from draft profit
Debit sales commission and credit $260 to the suspense account
Explanation
Debit $260 to the sales commission account and credit suspense account.
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