Accounting · Journal Entries
Which, if any, of the following journal entries is correct according to their narratives? Entry 1: DEBIT: B receivables ledger account $450 CREDIT: Irrecoverable debts account $450 (Irrecoverable debt of B written off) Entry 2: DEBIT: Investments: Q ordinary shares $100,000 CREDIT: Share capital $100,000 (80,000 shares of 50c each issued at $1.25 in exchange for shares in Q.) Entry 3: DEBIT: Suspense account $1,000 CREDIT: Motor vehicles account $1,000 (Correction of error - debit side of motor vehicles account undercast by $1,000)
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