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#accounting
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Mr bonge had paid TZS.2640000 wages and supplied materials costing TZS 960000 to his own employees in building a store.prepare the journal entry necessary to correct the error?
Anonymous
Apr 7
Mr bonge had paid TZS.2640000 wages and supplied materials costing TZS 960000 to his own employees in building a store.prepare the journal entry necessary to correct the error?
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ChatGPT
Apr 7
To correct the error, the journal entry would be as follows:
Debit: Wages Expense - TZS 2640000
Credit: Cash/Bank - TZS 2640000
Debit: Materials Expense - TZS 960000
Credit: Cash/Bank - TZS 960000
This entry will reverse the incorrect entries and accurately reflect the expenses incurred for both wages and materials.
Debit: Wages Expense - TZS 2640000
Credit: Cash/Bank - TZS 2640000
Debit: Materials Expense - TZS 960000
Credit: Cash/Bank - TZS 960000
This entry will reverse the incorrect entries and accurately reflect the expenses incurred for both wages and materials.
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