A-LevelAccountingReconciliation and verification9706/12 · Oct/Nov 2013 · Q101 Mark
A company's trial balance includes a suspense account. It was found that the only errors were discounts received of $240 and discounts allowed of $312, which had both been entered on the incorrect sides of the respective ledger accounts. What is the double entry required to clear the suspense account balance? account debit $ credit $
Adiscounts allowed 312
discounts received 240
suspense 72
Bdiscounts allowed 624
discounts received 480
suspense 144
Cdiscounts received 240
suspense 72
discounts allowed 312
Ddiscounts received 480
suspense 144
discounts allowed 624
✓ Correct answer
B: discounts allowed 624 discounts received 480 suspense 144
Practise more questions on this topic
Oracle Prep sorts past-paper questions by topic, so you can drill Reconciliation and verification and see which topics are most likely to come up next.
Sign up free →