The trial balance at 31st December 2014 showed a difference of ?4,000, being a shortage
FINANCIAL
POST UTME OAU
The trial balance at 31st December 2014 showed a difference of ?4,000, being a shortage on the credit side. A suspense account is opened and the difference of ?4,000 is entered on the credit side of the account. On 2nd January 2015, it was found that the sales account was under cast by N 4,000. To correct the error
- A) debit suspense account; credit sales account
- B) debit sales account; credit suspense account
- C) debit undercast account; credit sales account
- D) debit suspense account; credit undercast account
Correct Answer: A) debit suspense account; credit sales account
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