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I’d like to ask why didn’t you put the suppliers amount in the trial balance as it didn’t show any statement saying that they were repaid or anything like that on pg38
Sorry about that I actually watched the wrong page because I’m using my phone. It’s actually page 26
OK.
Transaction 5 says that the suppliers were paid what they were owed. The suppliers account on P24 should show a Dr of 5,000 being posted to the supplier’s account (the CR has been posted to cash). That leaves the suppliers’ balance at zero.
Apologies for the error.
Thanks and there’s also one error I think if you could check. You stated that rent was paid $100 you did put it into the cash account which I saw but I didn’t see any rent account being made and showing the Dr entry.
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