Accounting for IGCSE & O level - Accounting Procedures (Section 7 - No. 22)
What is the impact of the error where $5000 of goods sold on credit to B. Gray had been incorrectly entered to the sales account but had been omitted from the account of B. Gray?
Reduce the profit
Reduce trade receivables
No impact on financial position
The profit increased
Explanation
When an error happens in the sales account, it will decrease the profit.
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