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The total of TZS.365,000 for discount allowed for the month of July 2015 had been posted to the credit side of Discount received account. What is the journal entry for this statement?
The total of TZS.365,000 for discount allowed for the month of July 2015 had been posted to the credit side of Discount received account. What is the journal entry for this statement?
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ChatGPT
Apr 7
The correct journal entry to correct this error would be:
Discount Received Account Dr 365,000 Discount Allowed Account Cr 365,000
This entry will correct the error by moving the amount from the credit side of Discount Received account to the debit side of Discount Allowed account.
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Anonymous
Apr 7
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