Gce Model Questions Vol1 2022 Financial Accounting Question 49
Practice objective / multiple choice question 49 from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
A trial balance before correction shows the following balances:\nDr: Cash \(45,000\), Purchases \(28,000\), Rent Expense \(12,500\)\nCr: Sales \(80,000\), Capital \(5,000\), Suspense Account \(?\)\nThe trial balance does not balance. It is suspected that the Rent Expense figure contains a transposition error and should be \(12,050\). Determine the correct amount of Rent Expense and the corrected balance of the Suspense Account needed to balance the trial balance.
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About This Question
This is Gce Model Questions Vol1 2022 Financial Accounting Question 49. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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