ICAEW AF · Chapter 6 · Question 7 of 9
The sales day book for June was undercast by £500. The individual customer accounts were posted correctly. What correction is required?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) Debit Receivables control £500, Credit Revenue £500
Explanation
An undercast day book total means that both the receivables control account and the revenue account were posted with a total £500 too low; the double entry still balanced. Both accounts must be increased: debit receivables control and credit revenue with £500. The individual customer accounts were posted from the individual invoices, so they are unaffected.
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