Accounting for IGCSE & O level - Accounting Procedures (Section 4 - No. 33)
What is a likely correction for a $240 receivable fee recorded in the purchase journal?
Debit Trade Payables, Credit Supplier's account.
Debit Supplier's account, Credit Draft Profit.
Debit Supplier's account, Credit Trade payables.
Debit Trade Payables, Credit Draft Profit.
Explanation
Debit Supplier's account, Credit Trade payables.
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