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
- Principle
- Commision
-
Complete reversal of entries
- Original entry
The correct answer is: C
Explanation
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.