Question: If an incorrect amount is journalized and posted to the accounts, how should the error be corrected?

If an incorrect amount is journalized and posted to the accounts, how should the error be corrected?

Step by Step Solution

★★★★★

3.46 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

The error should be correcte... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

115-B-A-T-D (677).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

Adjusting entries are journalized and posted to the ledger B A worksheet is prepared C An unadjusted trial balance is prepared D Transactions are analyzed and recorded in the journal E Closing...

Q:

Tolerance next to dimensions are: 1. Specific 2. Reference 3. Exact 4. General

Q:

Should adjusting entries be posted to the ledger accounts before or after the closing entries? Explain your answer.

Q:

1. Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts. 2. What is the difference between a note payable and an account payable? 3. Discuss the steps in...

Q:

1. Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts. 2. What is the difference between a note payable and an account payable? 3. Discuss the steps in...

Q:

1.Discuss the steps in processing business transactions. 2.What kinds of transactions can be recorded in a general journal? 3.Are debits or credits typically listed first in general journal entries?...

Q:

1.Discuss the steps in processing business transactions. 2.What kinds of transactions can be recorded in a general journal? 3.Are debits or credits typically listed first in general journal entries?...

Q:

Why does the recordkeeper prepare a trial balance? If an incorrect amount is journalized and posted to the accounts, how should the error be corrected?

Q:

Why does the recordkeeper prepare trial balance? If an incorrect amount is journalized and posted to the accounts, how should the error be corrected?

Q:

Why does the recordkeeper prepare a trial balance? If an incorrect amount is journalized and posted to the accounts, how should the error be corrected? 300 words or more

Q:

A company has a pre-tax accounting profit and taxable income of $50,000 and pays out all of its after-tax profits as dividends: The tax rate on company profits is 30%.Assuming this is the company's...

Q:

The Thomas Company is in the process of developing a revolutionary new product. A new division of the company was formed to develop, manufacture, and market this product. As of year- end (December...

Q:

E8.11 Consider the feedback control system in Figure E8.11. Sketch the Bode plot of G1s2 and determine the crossover frequency, that is, the frequency when 20 log10 G1jv2 = 0 dB. Controller 1000 R(s)...

Q:

During the month, Genesis Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have (a) Debit entries only, (b)...

Q:

Perform assignment 8 using your state's law.

Q:

The client is a shareholder of a corporation in Tennessee. What is required for an action to be taken by shareholders without a meeting?

Q:

While crossing an intersection, the client was struck by a vehicle driven by a minor. The minor's parents owned the vehicle, and the minor was driving with their knowledge and consent. The minor has...

Q:

The supervising attorney's son was able to log on to a Web site that showed children how to torture cats. She seems to remember that some legislation was introduced in the 106th Congress that dealt...

Q:

Explain the difference in the foreign/natural test and the reasonable expectation test as applied to the sale of food or drink.

Q:

Choose from the following list of terms/phrases to best complete the statements below. a. Fiscal year d. Accounting period g. Natural business year b. Timeliness e. Annual financial statements h....

Q:

If a company had $15,000 in net income for the year, and its sales were $300,000 for the same year, what is its profit margin? a. 20% c. $285,000 e. 5% b. 2,000% d. $315,000

Q:

Use the following information for Tide Corporation to determine the 2016 and 2017 trend percents for net sales using 2016 as the base year. $ thousands Net sales...... Cost of goods sold 2017 2016...

Q:

A growth investment graded stocks is expected to pay $ 2 dividends that are expected to grow at 3 % for the next three years, and to grow at 4 % for the following four years, and to grow at 5 %...

Q:

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7500 pounds of oysters in August. The company's flexible budget for August appears below Plexible...

Q:

Collins Systems, Inc., is trying to develop an asset financing plan. The frim has $300,000 in temporary current assets and $200,000 in permanent current assets. Collins also has $400,00 in fixed...