O-LevelAccountingVerification of accounting records7707/12 · May/June 2015 · Q151 Mark
The totals of a trial balance failed to agree by $680 and the difference was entered in a suspense account. It was then found that rent received had been correctly entered in the cash book but treated as rent paid in the ledger. Which entry will correct this?
Aaccount to be debited: rent received $340 rent paid $340, account to be credited: suspense $680
Baccount to be debited: suspense $680, account to be credited: rent received $340 rent paid $340
Caccount to be debited: suspense $340 rent received $340, account to be credited: rent paid $680
Daccount to be debited: suspense $340, account to be credited: rent paid $340
✓ Correct answer
B: account to be debited: suspense $680, account to be credited: rent received $340 rent paid $340
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