The accounting entry to correct sales day book overcast is?
Answer Details
The accounting entry to correct sales day book overcast is to debit sales account and credit suspense account. This is because when the sales day book is overcast, it means that the total sales for the period have been overstated. To correct this error, the amount of the overcast needs to be deducted from the sales account, which is credited with the corrected amount. At the same time, the overcast amount is recorded in the suspense account, which is used to temporarily record any errors until they are corrected. Once the actual amount is determined, the suspense account is debited and the appropriate account is credited to complete the correction.