Cash paid to jake N2 500 was entered on the cre... - WAEC Accounting 2016 Question
Cash paid to jake, N2,500 was entered on the credit side of his account and debited to cash account. This is an error of
A
Principle
B
Commision
C
Complete reversal of entries
D
Original entry
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Correct Option: C
Error of Complete Reversal Entry – As the name implies, this means that the debit and credit entry recorded for a particular transaction are reversed. The transactions are incorrect but because the amount is the same or equal at both sides, the trial balance still balanced.
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