Accounting for IGCSE & O level - Accounting Procedures (Section 9 - No. 17)
Receivable fee \$240 was recorded in the purchase journal \$0 side. How would it impact the draft profit?
Cost of sale was overstated by \$240
Profit was understated by \$240
Trade payables were overstated by \$240
Profit was understated by \$200
Explanation
Profit was understated by \$240.
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