Accounting for IGCSE & O level - Accounting Procedures (Section 6 - No. 9)
The error means that the balance include due trade payables accounts for \$449 and the purchases account have \$400 more than they should have from \$14,449 in the sorted balance. Identify the accounting entry for this error.
Debit Trade Payables account by \$449
Credit Purchases account by \$400.
Debit Purchases account by \$449.
Credit Trade Payables account by \$400.
Explanation
Debit Trade Payables account by \$449, and Credit Trade Payables account by \$400.
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