Accounting for IGCSE & O level - Accounting Procedures (Section 3 - No. 44)
What is the required correction for the scenario where advertising expenses were understated by $300 and sales were understated by $200?
Debit $300 to advertising account and credit suspense amount
Debit $200 to sales account and credit suspense amount
Debit $300 from draft profit
Debit $200 from the sales account
Explanation
Debit $300 to advertising account and credit suspense amount
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