O-LevelAccountingVerification of accounting records7707/12 · May/June 2024 · Q91 Mark
A trader took some goods from the business for his own use. He credited the purchases account with the cost price of the goods, $200, and credited the sales account with the selling price, $300. Which entries did he make to correct the error? debit $ credit $ A drawings 200 income statement 100 suspense 300 B drawings 200 sales 300 suspense 500 C suspense 300 drawings 200 income statement 100 D suspense 500 drawings 200 sales 300
Adrawings 200, income statement 100 debit; suspense 300 credit
Bdrawings 200, sales 300 debit; suspense 500 credit
Csuspense 300 debit; drawings 200, income statement 100 credit
Dsuspense 500 debit; drawings 200, sales 300 credit
✓ Correct answer
B: drawings 200, sales 300 debit; suspense 500 credit
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