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Depositor's account need to be increased by 468 to actually show the correct balance in books of accounts and that is the difference in both amounts.
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A check drawn by a depositor in payment of a voucher for 725 was recorded in the journal as 257, this item would be included in the bank reconciliation as a deduction from the balance. The error should be corrected by the depositor.
Compound Entry
at least more than once debit and credit account is required to be a compound journal entry.
Depositor's account need to be increased by 468 to actually show the correct balance in books of accounts and that is the difference in both amounts.
Depositor's account need to be increased by 468 to actually show the correct balance in books of accounts and that is the difference in both amounts.
posting
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
A check drawn by a depositor in payment of a voucher for 725 was recorded in the journal as 257, this item would be included in the bank reconciliation as a deduction from the balance. The error should be corrected by the depositor.
Compound Entry
at least more than once debit and credit account is required to be a compound journal entry.
Another entry will be required in cash receipts journal with difference in recorded 4600(9500 - 5900).
True. The individual entries are what get posted to their respective accounts, not the total.
debit Bank 450credit accounts payable 450
Yes for compound journal entry at least more than one debit and credit account is required.
debit accounts receivablecredit sales revenue