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Questions and Answers
Which account was originally credited with the dividend received?
Which account was originally credited with the dividend received?
- Shakira's business account (correct)
- The bank's operating account
- A suspense account
- Shakira's personal account
What is the correct entry to rectify the error?
What is the correct entry to rectify the error?
- Debit business account, credit bank's operating account
- Debit personal account, credit business account
- Debit suspense account, credit personal account
- Debit business account, credit personal account (correct)
Why was the correction entry necessary?
Why was the correction entry necessary?
- The dividend was credited to the wrong account (correct)
- The dividend was for the wrong amount
- The dividend was not authorized
- The dividend was incorrect
What was the amount of the dividend received?
What was the amount of the dividend received?
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What type of error occurred in the bank's transaction?
What type of error occurred in the bank's transaction?
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