Page 379 - Microsoft Word - 00 BA3 IW Prelims STUDENT.docx

Answers to questions

Example 1: Solution

The journal entries and resulting entries in the suspense account are as
follows:
Journal Dr Cr
$ $
Bond 150
Suspense 150

(Being correction of an error whereby only one entry was posted)

Purchases 20
Suspense 20
(Being correction of an error of addition in the purchases account)

Suspense 93
Smith 93

(Being correction of an error whereby only one entry was posted)
Suspense
Dr $ Cr $
From trial balance 77 Bond 150
Smith 93 Purchases 20
170 170

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