Which One of the Following Is Not a Complete Reversal

question 55

Multiple Choice

Which one of the following is not a complete reversal of entries error?

• A) Debit trade payables, Credit cash with cash payments to trade payables.
• B) Debit trade receivables, Credit cash with cash received from trade receivables.
• C) Debit VAT, Debit sales, Credit trade receivables with the daily credit sales total.
• D) Debit irrecoverable debts, Credit cash with amounts recovered from irrecoverable debts previously charged as an expense.

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Definitions:

Demand

The level of demand for goods or services that individuals have the willingness and financial capacity to acquire at assorted prices throughout a defined duration.

Supply

The complete volume of a specific commodity or service ready for consumption by customers.

Competitive Market

A market structure characterized by a large number of buyers and sellers, where no single seller can influence the market price of goods.

Market

A Market is any structured system where economic transactions between buyers and sellers take place, including physical locations or virtual spaces.