Accounting for IGCSE & O level - Accounting Procedures (Section 8 - No. 23)
How will the correction of the error, where the payment of electricity expenses as a debit in bank, but as a profit in the electricity account, affect the financial statements?
Debit bank account
Credit electricity account
Increase profit by the amount of expense
Decrease expenses by the amount of expense.
Explanation
Debit electricity expenses and credit bank
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