In a manual system, never erase a general journal error. The procedure to correct an error is
Question:
In a manual system, never erase a general journal error. The procedure to correct an error is shown below.
Transcribed Image Text:
DATE 1 20- 2 Nov, 2 Office Equipment. Maintenence Expense 3 Cash in Bank 4 Check 110 GENERAL JOURNAL DESCRIPTION POST. REF. DEBIT 25000 PAGE CREDIT 2 25000 3 AWN-
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
There are two ways to make correcting entries reverse the incorrect entry and then use a second j...View the full answer
Answered By
Hardik Dudhat
I am semi-qualified Chemical Engineering ,I have scored centum in accounting in my senior secondary and in my graduation. I have always helped my fellow students with their concerns on the subject, i have tutored on various tutoring sites in the past and also have taken home tuitions for degree and MBA students. As a tutor, I don't want my students to just get a solution, I want them to understand the concept and never have a doubt in that area thereon and i believe in excelling and not in educating.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Describe the procedure to correct an error discovered after closing.
-
To correct a data error in a payroll journal entry after posting it you should a. select the employee from the employee's list b. select the adjust paycheque tool as a first step c. select the...
-
The three accounts shown below appear in the general ledger of Tovar Corp. during 2010. Instructions From the postings in the accounts, indicate how the information is reported on a statement of cash...
-
Did you have imaginary friends when you were a young child? What do you remember about them and their value to you?
-
Consider a good x1 in a model where a consumer chooses between x1 and a composite good x2. A: Explain why the following either cannot happen or, if you think it can happen, how: (a) Own price demand...
-
Claud Chapperon is a self-employed distributor of wholesale clothing who began trading on 1 April 2016, preparing accounts to 31 March. His accounts for the year to 31 March 2024 are shown below. The...
-
Record the following transactions in the journal of Bingham Phone Accessories. Explanations are not required 2009 31 Dec 19 Received a $3,000, 60-day, 12% note on account from Arnold Collins. Made an...
-
The following information was extracted from Citigroup, Inc.s 2009 annual report. From letter to shareholders: Financial Strength While Citi started the year as a TARP institution receiving...
-
The funding of DMO's & CVB's in the United Kingdom (UK) differs greatly from the USA. Briefly describe the difference and then say whether, in your opinion, it is better or worse than the USA.
-
What is the solution of the recursive equation T (n) = 0.015625T +n?? (1/4) a) O(n') b) O(n' lg n) c) O(n* Ign) d) O(7*)
-
Juanita Ortega is the owner of Outback Guide Service. The following accounts are used to record the transactions of her business. Record the following transactions on page 1 of the general journal in...
-
What is the value of keeping the record of business transactions in chronological order?
-
We ordinarily say that U = 0 for an isothermal process. Does this assume no phase change takes place? Explain your answer.
-
Provide a feasibility study based on a scenario in Health Care. You have been asked by the CEO of your organization to propose a project or program to address a specific need, and to develop a...
-
MyBnB started a home rental company on January 1. As of November 30, MyBnB reported the following balances. The company does not yet have a balance in Retained Earnings because this is its first year...
-
Since General Mills and Proctor and Gamble are mature companies in stable markets, it is likely that they have approximately constant growth at about the rate of GDP growth.GDP is expected to grow at...
-
Write a query to display the employee number, last name, first name, and sum of invoice totals for all employees who completed an invoice. Sort the output by employee last name and then by first name...
-
Based on the information in Table 20.2 (below), would you expect Fixed-Income Arb hedge funds to have positive or negative performance in the following scenarios: a) stock markets rise b) interest...
-
Anderson Company paid dividends at the end of each year as follows: 2011, $150,000; 2012, $240,000; and 2013, $560,000. Determine the amount of dividends per share paid on common and preferred stock...
-
If |62x|>9, which of the following is a possible value of x? A. 2 B. 1 C. 0 D. 4 E. 7
-
Keith has a one-half interest in the KL Partnership. His basis in the partnership interest at the end of the current year (before deducting his share of partnership losses) is $40,000. His share of...
-
Kevin has a 30% interest in the KLM Partnership. Louis (Kevins son) also has a 30% interest. An individual unrelated to either Kevin or Louis holds the remaining 40% interest. Kevin sells the...
-
Laura and Mark are equal partners in the LM Partnership. Laura receives a $35,000 guaranteed payment in the current year and also withdraws $15,000 of her partnership capital in cash. Partnership...
-
Research: What is a sovereign nation, how many sovereign nations are recognized as members by the United Nations and how many sovereign nations are recognized by the US State Department. Compare the...
-
Marigold Corp. purchases a patent for $198,000 on January 2, 2022. Its estimated useful life is 18 years. (a) Prepare the journal entry to record amortization expense for the first year. (Credit...
-
With an interest of $ 2 4 . 3 1 and a principal of $ 3 , 5 0 0 for 1 0 0 days, using the ordinary interest method, the rate is ?
Study smarter with the SolutionInn App