A trial balance lists the following debit balances: Cash $\₦120,000$, Accounts Receivable $\₦80,000$, Inventory $\₦150,000$, Equipment $\₦200,000$, Purchases $\₦180,000$. The credit balances are: Capital $\₦500,000$, Loans Payable $\₦100,000$, Sales Revenue $\₦300,000$. The totals do not balance. It is known that one of the debit figures was recorded with its digits transposed and that a missing expense account, which is a debit, is omitted. Identify the account with the transposed figure, its correct amount, and the amount of the missing expense needed to balance the trial balance.

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Cash was transposed; correct cash balance = \₦102,000. Missing expense (debit) = \₦188,000.

Neco Model Questions Vol1 2018 Financial Accounting Question 3

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