1. You notice that the rent for May is recorded as $650 but should have been...
1. You notice that the rent for May is recorded as
$650 but should have been $560. Complete the general journal.
General journal
| Date | Details | Debit | Credit |
2. You notice the electricity account has
been used instead of the Rent account for the sum of $750.00. Make
the relevant correction.
General journal
| Date | Details | Debit | Credit |
Homework Answers
1.
| Date | Details | Debit | Credit |
|---|---|---|---|
| 31-05-20XX | Cash/bank | $90 | |
| Rent | $90 | ||
| (being rectification entry passed to reverse the overstatement of rent amount)($650-$560) |
2.
| Date | Details | Debit | Credit |
|---|---|---|---|
| Rent | $750 | ||
| Electricity expenses | $750 | ||
| (Being rectification entry passed for wrongly posted rent expense to electricity expense) |
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