Question

QUSTION 1 The trial balance of ESSEX PLC did not balance as at 31st December, 2003. The following error accounted for the difference . i) N 3,000 received from D. Washington was credited to sale accounts and debited to cash ii) Discount received of N 324 was posted to discount allowed accounts. iii) A payment of N 656 made by K. Australia was posted to his personal account as N458. iv) Wages of N 2,963 had not been posted from the cash book. v) No adjustment have been made for closing stock of stationary valued at N 1,500. vi) Sum of N 940 received from E. Dabor has been posted to the credit of J. Daboh. vii) N200 received from R. Smart was debited to S. Smith as N300. Required: i) Journal the correction of the errors with narratives ii) Show the suspense account.

Answer 1

Answer:

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