Question

During the month of September, Norris Industries issued a check in the amount of $845 to a supplier on account. The check cleared the bank during September. The disbursement was recorded incorrectly as $854. The journal entry to correct this mistake when discovered will include:

Answer 1

The journal entry to correct this mistake when discovered will include a credit to accounts payable for $9.

What is a journal entry?

These are entries that entails the detailed record of all the transactions done by a business such as reconciling accounts and transferring information to other accounting records.

Given data

• Norris Industries issued a check in the amount of $845 to a supplier on account.
• The disbursement was recorded incorrectly as $854.

Adjusting entry amount = $854 - $845

Adjusting entry amount = $9

Therefore, the journal entry to correct this mistake when discovered will include a credit to accounts payable for $9.

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