Q: How would the following error in the general ledger be corrected by a journal entry?…
28 August 2012
…the total of the sales day book has been posted incorrectly as £51,010 instead of the correct amount of £50,101 ( ignore VAT)?
…the total of the sales day book has been posted incorrectly as £51,010 instead of the correct amount of £50,101 ( ignore VAT)?
The result of the error is to overstate the sales by £ 909 (£51,010 - £50101) and to throw the Sales Ledger Control Account out of balance by a similar amount. The adjustment required is therefore to create a journal entry...