Accounting for IGCSE & O level - Accounting Procedures (Section 3 - No. 30)
Identify the impact of the error of complete reversal, on 30 June, Finley Johnson had recorded the payment of electrical expenses as a debit in the bank account for the electricity paid, but as a profit in the electricity account for the electricity supplied?
Debit electricity expenses and credit bank
Debit bank and credit electricity expenses.
No impact
Increase the expense.
Explanation
Debit electricity expenses and credit bank
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