error of omission

truebloodfan

If you have an unpaid bill in a suspense account question do you credit the payables or the accruals or is both acceptable thanks

Bobby1984

If you have the invoice already, credit trade payables - if you don't have an invoice credit accruals

truebloodfan

And if in a question if they give you the name of the person , receivable . Do you post to the individuals account or to the receivables

truebloodfan

Bobby1984 wrote: »

If you have the invoice already, credit trade payables - if you don't have an invoice credit accruals

The question states that a telephone bill for 740 for nov /dec was left in the filing tray of the receptionist . No entry had been made for this.
I would have debited phone bill and credited accruels would I have been wrong and lost marks ? Are both right ?

smcgiff

When they say no entries have been made that means the invoice has not been accrued for.

Therefore it simply needs to be recorded.

Dr telephone exp in the p&l (or whatever it's called these days)
Cr suppliers control account
Being the posting of unprocessed invoice