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John Moffat.
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accastudent22
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i am confused in this transaction that is discount allowed 48 had been entered in the error on the debit side of the discount received account.I want to know the explanation of the correction of this error.
John Moffat
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The correct entry is to debit discounts allowed account.
So to correct the mistake, credit discounts received (to remove what should not be there), and debit discounts allowed.
accastudent22
John MoffatViewing 2 posts - 1 through 2 (of 2 total)
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