Make journal entry to correct errors and narrations required

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Mercy identified the following errors as she was going through her book of accounts ;

(a) A proprietor injected some extra capital of 500,000 paid through bank but the amount had been credited to the sales account.

(b)Mrs Liam took 111,000 for holiday and the amount was debited to general expenses.

(c) Liam paid his car insurance of 85,000 and the amount debited in the insurance account.

(d) a purchase of goods from Kate 85,700 had been entered in the book as 58,700

(e) Return inwards 12748 From Triza had been entered in error in Belinda's account.

Required:

Question 1: Prepare Journal entries to correct the above errors and narrations required

Reference no: EM132518734

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