Accounting for IGCSE & O level - Accounting Procedures (Section 4 - No. 19)
What would be the journal entry to correct the error where a receivable fee was recorded in the purchase journal?
Debit Trade Payables and Credit Draft Profit.
Debit Draft Profit and Credit Supplier's account.
Debit Supplier's Account and Credit Trade Payables.
Debit Trade Payables and Credit Supplier's Account.
Explanation
Debit Supplier's Account and Credit Trade Payables.
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