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WAEC Financial Accounting 2008 Question 23

Question 23

Correction of Errors and Suspense Account

A cash payment of N85 to Regina was entered in the books as N58. The entries to correct the error are: debit

  1. A.Regina's Account N27: Credit Cash Account N27
  2. B.Cash Account N27: Credit Regina's Account N27
  3. C.Rigina's Account N143: Credit Cash Account N143
  4. D.Cash Account N143: Credit Regina's Account N143.
Show the answer and explanation

Answer: A (Regina's Account N27: Credit Cash Account N27)

Explanation

N27 more must be paid out: debit Regina 27, credit cash 27.