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Correction of errors

Authored by Divyalakshmi Saminathan

Computers

12th Grade

Used 9+ times

Correction of errors
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6 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Credit purchase of goods worth $340 has been recorded as $430. The correcting journal entry would be:

DR Inventory 90 CR Trade payable 90

DR Trade payable 90

CR Inventory 90

DR Cash at bank 90 CR Inventory 90

DR Inventory 90 CR Cash at bank 90

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Payment of $1200 for utilities by cheque has been omitted from the books. The correcting journal entry would be:

DR Utilities expense 1200

CR Cash at bank 1200

DR Cash at bank 1200

CR Utilities expense 1200

DR Utilities expense 1200

CR Utilities expense payable 1200

DR Utilities expense payable 1200

CR Utilities expense 1200

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Purchase of office equipment worth $400 by cheque has been recorded as repairs of equipment. The correcting journal entry would be:

DR Repairs expense 400

CR Cash at bank 400

DR Repairs expense 400

CR Office equipment 400

DR Office equipment 400

CR Repairs expense 400

DR Repairs expense 400

CR Repairs expense payable 400

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Credit sale of goods worth $300 to Lucy has been posted to Lucas’ account. The correcting journal entry would be:

DR Trade receivables - Lucas

CR Trade receivables - Lucy

DR Trade receivables - Lucas

CR Sales revenue

DR Trade receivables - Lucy

CR Sales revenue

DR Trade receivables - Lucy

CR Trade receivables - Lucas

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Credit sale of goods worth $300 to Lucy has been posted to Lucas’ account. The correcting journal entry would be:

DR Trade receivables - Lucas 300

CR Trade receivables - Lucy 300

DR Trade receivables - Lucas 300

CR Sales revenue 300

DR Trade receivables - Lucy 300

CR Sales revenue 300

DR Trade receivables - Lucy 300

CR Trade receivables - Lucas 300

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cheque of $550 received from Betty has been debited to Betty’s account and credited to cash at bank account. The correcting journal entry would be:

DR Trade receivables - Betty 550

CR Cash at bank 550

DR Trade payable - Betty 550

CR Cash at bank 550

DR Cash at bank 1100

CR Trade receivables - Betty 1100

DR Cash at bank 1100

CR Trade payable - Betty 1100

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