Journal entries....

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:28AM in AAT student discussion
Oh dear, Im stuck again and I have no one to help me (my lecturer has just been fired for being useless).<BR><BR>You have to enter these transactions in the journal but I am a bit stuck on the corresponding debit/credit into which account in the journal.<BR><BR>1) VAT column of sales day book had been undercast by £150<BR>2) Net column of sales day book had been overcast by £900<BR>3) Sales of £5080 had been transferred from total column of sales day book into the sales ledger control account as £5800<BR><BR>So for:<BR><BR>1) Is it, VAT a/c credit 150, what is the debit entry?<BR>2) Sales a/c debit 900, credit entry?<BR>3) sales ledger control, credit 720, debit?<BR><BR>Cheers

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Journal entries....

    Do you have a suspense account?<BR><BR>These discrepancies would mean the trial balance wouldnt balance as only one entry of the origional double entry was wrong.<BR><BR>The double entry would be to adjust the relevant accounts and remove each from the balance on the suspense account.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Journal entries....

    Hi Karen, thanks for your help.<BR><BR>I do have a suspense account, the balance b/d is credit entry
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Journal entries....

    The credit and debits you give look correct.<BR>but this would mean that you would have to <BR>Dr Suspense with 150.00 & 720.00<BR>Cr suspense with 900 <BR><BR>Would this clear the suspense account or is there more to this question?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Journal entries....

    What is the suspense amount?

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