✔ 最佳答案
1. Discount allowed is an expense but posted it as income. So, we have to reverse it 1 for the wrong posting $340 and 1 for the correct debit to discount allowed $340. The total adjustment is then 2 x $340 = $680.
2. $2570 is the correct amount to be entered but has been entered as $2750. So, you have to reduce the amount $180 by Cr. Purchase and Dr. Suspense.
3. Discount allowed $30 is an expense but posted it to discount received. the original entry is Dr. Suspense Cr. Discount Received. So, you have to reverse the wrong entry and input a correct entry.
Reversal Dr. Discount Received and Cr. Suspense with $30. Input the correct entry Dr. Discount allowed and Cr. Suspense with $30. The resultant entry will be Dr. Discount Allowed $30 Dr. Discount Received $30 and Cr. Suspense $60.
The simple rule of bookkeeping is given below for your understanding.
In traditional T account.
Left Hand side = Debit
Right Hand side = Credit
The 3 Golden Rules of Debit and Credit are :
1. Dr. What comes in Cr. What goes out e.g. Cash in and out in Bank account
2. Dr. Receiver Cr. Giver e.g. Debtor and Creditor
3. Dr. Expenses Cr. Income e.g. Purchases and Sales
In Balance Sheet ( Statement of Financial Position )
---- Debit = Assets Credit = Liabilities, Equity
In Profit and Loss Account ( Income Statement )
--- Debit = Expenses Credit = Income
