Wrong side of the discounts received account

Reference no: EM13972911

When a trial balance did not balance, an accountant opened a suspense account. The accountant then discovered the following errors.

Telephone expense of £1,900 had wrongly been entered in the accounts as £9,100.

A purchase of 2,000 had been recorded twice in the purchases account.

A £1,400 settlement discount received from a supplier had been posted to the wrong side of the discounts received account.

Note that the other side of the entries was correct, otherwise there would not have been an imbalance.

How much was the original balance on the suspense account? Identify the suspense account figure as either a credit or a debit balance.

Reference no: EM13972911

Questions Cloud

Explain why you chose each individual leader : Identify three nursing leaders you would like to interview for this paper. The nursing leaders may have a variety of leadership styles, but they must all currently hold positions of leadership.

Network for a medical procedure : An HMO has a Point of Service (POS) option for its members, but will pay only 80 percent of approved charges. If a member goes out of network for a medical procedure with a charge of $2,000, of which $1,200 is approved, how much must the member pa..

Explore the possibility of entering other asian markets : Research is an important factor especially when it's a different market. Cultural understanding is key especially in this case. Give your analysis on the importance of this aspect of market development keeping cultural understanding in mind.

What percentage of initial light intensity is transmitted : Unpolarized light is incident on four polarizing sheets with their transmission axes oriented as shown in the figure, in which θ1 = 35.0o and θ2 = 69.0o. What percentage of the initial light intensity is transmitted through this set of polarizers

Wrong side of the discounts received account : A £1,400 settlement discount received from a supplier had been posted to the wrong side of the discounts received account. Note that the other side of the entries was correct, otherwise there would not have been an imbalance.

Total dollar amount of personal exemptions : A couple with four children has an annual adjusted gross income (AGI) of $228,000. Calculate the total dollar amount of personal exemptions that they can claim for the 2014 tax year.

Calculate the beta of portfolio : Calculate the beta of your portfolio, which comprises the following items: (a) Olympic Steel stock, which has a beta of 2.2 and comprises 40 percent of your portfolio,

How do you prepare for employee resistance : Watch the video from Karl McDonnell, CEO of Strayer University, titled "How do you determine when Organizational Change is necessary, and how do you prepare for employee resistance?" Explain what causes conflict in the workplace and propose how ma..

Review of academic research literature on a specific topic : The research paper involves a thorough review of academic research literature on a specific topic or issue involving a critical infrastructure.Specifically, a local site is to be examined and discussed.

User Account

All Pages