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Sagot :
The journal entries to correct the errors are as follows:
Journal Entries:
(1) Debit Commission Received Account Kshs. 430,000
Credit Rent Received Account Kshs. 430,000
- To reverse the credit to the wrong account.
(2) Debit Bank charges Kshs. 34,000
Credit Business Rates account Kshs. 34,000
- To reverse the debit to the wrong account.
(3) Debit Motor Expenses Kshs. 37,000
Credit Bank Account Kshs. 37,000
- To record the payment.
(4) Debit Equipment (Fax Machine) Kshs. 242,000
Credit Purchases account Kshs. 242,000
- To reverse the debit to the wrong account.
(5) Debit Returns Inwards Account Kshs. 216,000
Credit Returns Outwards Account Kshs. 216,000
- To reverse the debit to the wrong account.
(6) Debit Capital Account Kshs. 2,000,000
Credit Loan, G Bain Kshs. 2,000,000
- To reverse the debit to the wrong account.
(7) Debit Loan Interest Kshs. 400,000
Credit Van Account Kshs. 400,000
- To reverse the debit to the wrong account.
(8) Debit Drawings Kshs. 168,000
Credit Purchases account Kshs. 84,000
Credit Inventory Kshs. 84,000
- To reverse the debit to the wrong account.
Transaction Analysis:
(1) Commission Received Account Kshs. 430,000 Rent Received
Account Kshs. 430,000
(2) Bank charges Kshs. 34,000 Business Rates account Kshs. 34,000
(3) Motor Expenses Kshs. 37,000 Bank Account Kshs. 37,000
(4) Equipment (Fax Machine) Kshs. 242,000 Purchases account Kshs. 242,000
(5) Returns Inwards Account Kshs. 216,000 Returns Outwards Account Kshs. 216,000
(6) Capital Account Kshs. 2,000,000 Loan, G Bain Kshs. 2,000,000
(7) Loan Interest Kshs. 400,000 Van Account Kshs. 400,000
(8) Drawings Kshs. 168,000 Purchases account Kshs. 84,000 Inventory Kshs. 84,000
To learn more about using journal entries to correct errors at https://brainly.com/question/24076945
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