Day: May 24, 2024

An error is identified where a discount received of £1,420 has been debited to both the payables control account and the discounts received account.

The journal required to correct this is?

What should the closing balance be when the errors have been corrected?

Select ONE answer:

1. Debit Suspense £2,840, Credit Discount received £2,840
2. Debit Suspense £1,420, Credit Discount received £1,420
3. Debit Suspense £2,840, Credit Payables control £2,840
4. Debit Suspense £1,420, Credit Payables control £1,420

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 1

1. Correct –> Dr suspense £2,840, Cr Discount received £2,840
2. Not correct
3. Not correct
4. Not correct

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