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Refer to the exhibit.
The trial balance of Monchu Partnership, as at 30 June 2006, has a suspense account. Subsequent investigations revealed that:
(1) A payment of 352 to Mr. Tan was posted as 325.
(2) A remittance of 450 received from Arumugam was credited to Armits accounts.
(3) Salaries of 12000 have not been posted from the cash book.
Monchu suggested the following adjustments:
The appropriate journal entries are:
Suggested Answer: A, C, F
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35 comments · newest first
LO
Lore
11 months ago
Not sure about that salary entry being missed, that’s a big deal!
JA
Jade
11 months ago
I think (b), (e), and (f) make the most sense here.
JE
Jennie
11 months ago
Wait, how did they mix up the remittance? Seems odd.
EM
Emerson
12 months ago
Totally agree, that’s a clear mistake!
LI
Ligia
12 months ago
The payment to Mr. Tan was underposted by 27.
MA
Mary
12 months ago
I’m leaning towards option D because it seems to cover the most adjustments, but I’m a bit uncertain about (f).
EL
Elvera
1 year ago
I feel like the payment to Mr. Tan being posted incorrectly is definitely one of the adjustments we need to make.
DO
Dortha
1 year ago
I think the salaries not being posted is a big deal, but I can't recall if that means we need to adjust for (b) or (e).
VA
Valene
1 year ago
I remember we practiced a similar question about posting errors, but I'm not sure if I got the adjustments right this time.
DA
Dana
1 year ago
Hmm, I'm not sure about this. I'll need to carefully consider each of the options and make sure I understand the implications of each journal entry. I don't want to rush into an answer here.
LA
Lavelle
1 year ago
This looks straightforward enough. I think the answer is (b), (d), and (f) based on the information provided. I'll double-check my work, but I'm feeling confident about this one.
AN
Annelle
1 year ago
I'm a bit confused by the wording of the question. I'll need to read through it a few times to make sure I understand exactly what adjustments Monchu is suggesting and which ones are appropriate.
TE
Tegan
1 year ago
Okay, let's see. The key seems to be identifying the errors in the trial balance and making the necessary corrections. I'll need to analyze each of the three issues mentioned.
ES
Estrella
1 year ago
Hmm, this seems like a tricky one. I'll need to carefully review the details and think through the appropriate journal entries.
JE
Jess
1 year ago
I bet Monchu is regretting suggesting those adjustments now. Probably should have just let the accountants handle it instead of trying to be a hero. Oh well, at least it's an interesting question!
EV
Eve
1 year ago
Wait, where's the option for (d)? Monchu suggested that, so it must be part of the correct answer. I'm going with (b), (d), and (f) just to be safe.
EL
Eleonore
1 year ago
I'm going with (b), (d), and (f) just to be safe.
ST
Stevie
1 year ago
I'm not sure, but I think (d) should be included in the answer.
LU
Luann
1 year ago
I agree, I also believe option (b) is the correct answer.
TR
Troy
1 year ago
I think option (b) is the correct one.
LO
Lon
1 year ago
I'm not sure why the question is so complicated. Shouldn't we just go with (b) and (f) to correct the errors? That seems like the most straightforward approach to me.
AN
Annelle
1 year ago
Yes, it's important to focus on the errors mentioned and make the necessary corrections.
AF
Afton
1 year ago
I agree, those adjustments seem to address the specific errors mentioned in the question.
PA
Pa
1 year ago
I think (b) and (f) are the best options to correct the errors.
MO
Mozell
2 years ago
Haha, Armits must be a really forgetful guy to have that remittance credited to his account instead of Arumugam's. (b) and (f) are the correct entries to fix that and the salary issue.
LA
Lawana
1 year ago
Let's hope Monchu Partnership doesn't have any more mix-ups like that in the future.
AG
Agustin
1 year ago
The journal entries (b) and (f) will definitely fix that mistake.
MA
Martina
1 year ago
Yeah, poor guy probably didn't even realize what happened.
NI
Nieves
1 year ago
I agree, Armits must have been really confused when he saw that remittance in his account.
MO
Moon
2 years ago
The payment to Mr. Tan being posted as 325 instead of 352 is clearly an error, so (a) is the correct entry to correct this. Salaries of 12000 not being posted from the cash book is also an error, so (e) is the correct entry. I agree with Monchu's suggested adjustments.
JO
Johanna
1 year ago
I agree, option A) seems to be the best choice based on the errors identified in the exhibit.
EU
Eun
1 year ago
I think option A) is correct because it includes the correction for the payment to Mr. Tan and the salaries not posted from the cash book.
AL
Alecia
2 years ago
Why do you think option D is correct?
SH
Shanice
2 years ago
I disagree, I believe the correct answer is option D.
AL
Alecia
2 years ago
I think the answer is option B.