Accounting · Error Rectification
Following a reconciliation of the most recent statement received from a supplier, Kappa, Venice Co discovered that a discount received of $22 it had recorded had not been allowed by Kappa. What accounting entries in the general ledger should Venice Co record to rectify this error?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Debit: Discount received $22, and Credit: Payables Control Account $22✓
- 2Debit: Payables Control Account $22, and Credit: Discount received $22
- 3Debit: Discount received $22, and Credit: Payable ledger - Kappa $22
- 4Debit: Payable ledger - Kappa $22, and Credit: Payables Control Account $22
Correct answer
Debit: Discount received $22, and Credit: Payables Control Account $22
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Accounting?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Error Rectification MCQs →Want more practice questions on Error Rectification?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Accounting · Error Rectification