Transaction Account Titles and Explanations Debit ($) Credit ($) (i) Motor vehicle 2480 Purchase 2480 ( To correct purchase of motor vehicle) (ii) Suspense 3360 Discount received ( 1680 * 2 ) 3360 ( To credit discount received) (iii) Purchase 860 Suspense 860 ( To correct under-cast of purchase) (iv) Suspense 990 Accounts payable- J Blake (4030-3040) 990 ( To credit the remaining amount of J Blake ) (v) Accounts payable- B Collins 230 Accounts payable - A Cornel 230 ( To rectify the correct account name) (vi) Suspense 2180 Accounts payable-K. Kong 2180 ( To record received amount in K kong) Please to create the suspense acc
Transaction Account Titles and Explanations Debit ($) Credit ($) (i) Motor vehicle 2480 Purchase 2480 ( To correct purchase of motor vehicle) (ii) Suspense 3360 Discount received ( 1680 * 2 ) 3360 ( To credit discount received) (iii) Purchase 860 Suspense 860 ( To correct under-cast of purchase) (iv) Suspense 990 Accounts payable- J Blake (4030-3040) 990 ( To credit the remaining amount of J Blake ) (v) Accounts payable- B Collins 230 Accounts payable - A Cornel 230 ( To rectify the correct account name) (vi) Suspense 2180 Accounts payable-K. Kong 2180 ( To record received amount in K kong) Please to create the suspense acc
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 16Q: A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms...
Related questions
Topic Video
Question
Transaction | Account Titles and Explanations | Debit ($) | Credit ($) |
(i) | Motor vehicle | 2480 | |
Purchase | 2480 | ||
( To correct purchase of motor vehicle) | |||
(ii) | Suspense | 3360 | |
Discount received ( 1680 * 2 ) | 3360 | ||
( To credit discount received) | |||
(iii) | Purchase | 860 | |
Suspense | 860 | ||
( To correct under-cast of purchase) | |||
(iv) | Suspense | 990 | |
Accounts payable- J Blake (4030-3040) | 990 | ||
( To credit the remaining amount of J Blake ) | |||
(v) | Accounts payable- B Collins | 230 | |
Accounts payable - A Cornel | 230 | ||
( To rectify the correct account name) | |||
(vi) | Suspense | 2180 | |
Accounts payable-K. Kong | 2180 | ||
( To record received amount in K kong) |
Please to create the suspense acc
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College