Alright, another quiz. :)

The company missed to record a receipt of payment from a customer on account. What would be the entry?

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Dr Cash Cr Accounts Receivable

The company recorded a receipt of payment of a customer on account, amounting to P980 as P9,800. What would be the correcting entry?

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Dr Accounts Receivable 8820 Cr Cash

The company recorded a credit sale amounting to P10,000 twice. What would be the correcting entry?

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Dr Sales 10,000 Cr Accounts Receivable

The company missed to record the purchase on account of inventories amounting to P8,000. Said inventories has been received already. What would be the correcting entry?

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Dr Purchases/Inventory Cr Accounts Payable

The company recorded the payment to a supplier with a debit to Cash 4,500, and a credit to Accounts Payable. What would be the correcting entry?

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Dr Accounts Payable 9,000 Cr Cash 9000

The company recorded a purchase return with a debit to Accounts Receivable 1,500 and a credit to Purchase Returns. What would be the correcting entry? .

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Dr Accounts Payable 1,500 Cr Accounts Receivable 1,500

If you’ve gotten all six right, I think you’re good. If not, you might want to review your basics before continuing.

Hit Complete and see next section.