a . What procedure is used to correct a general journal entry error in a manual system?

Question:

a. What procedure is used to correct a general journal entry error in a manual system?

b. What are the possible consequences of erasing an error in the general journal?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Glencoe Accounting First Year Course

ISBN: 9780078688294

1st Edition

Authors: Andrée Vary

See More Books

Question Posted: Jun 15, 2022 01:33 AM

See More Questions

What procedure is used to allocate the investment purchase price at the date of acquisition of a foreign subsidiary?
What are the possible consequences of sexually transmitted papillomavirus infections for men, women, and babies?
What are the possible consequences of too little pressure during the resistance welding cycle? Too much pressure?
Are there accomplishments for which you individually receive credit which others helped you accomplish?
Suppose you are an amateur athlete and your uncle owns the cereal company Wheaties. Your uncle offers you a job working for his company at a wage of w per hour. After looking around for other jobs,...
What internal resources and assets does General Motors have to help counter the external forces?
Consider the simple linear regression model for the baseball data using Team ERA as the predictor. Find the value of the PRESS statistic and the $R^{2}$ based on PRESS for this model. What...
Refer to the information for Dao Company in SE8. On October 28, 2014, Dao retired the remaining 700 shares of treasury stock. The shares were originally issued at $5 per share. Prepare the necessary...
Days Off No. of Employees Wage Monday M,Tu Tu,W W,Th Morning Shift Th,F F,Sa Sa,Su Su,M M,Tu Tu,W W,Th Afternoon Shift Th,F F,Sa Sa,Su Su,M 45 5 20 30 0 0 20 45 5 20 30 0 0 20 Total Requirement 240 $...
A packaging process is supposed to fill small boxes of raisins with approximately 50 raisins so that each box will weigh the same. However, the number of raisins in each box will vary. Suppose 100...
Greg Failla operates Showbiz Video. The follow ing accounts are used to record business transactions. Record the following transactions on page 5 of the general journal in your working papers....
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...
Does the component cost of preferred stock include or exclude flotation costs? Explain.
A jet airplane with a 62.0 m wingspan is flying at 272 m/s. What emf is induced between wing tips if the vertical component of the Earth's field is 3.1010 -5 T? b. Is an emf of this magnitude likely...
Clearwater Electronics recently received a complaint via its employee hotline from a terminated employee claiming he was fired because he was disliked by his supervisor, whom he said had harassed...
A person at 5.50 atm effuses through a pinhole at a rate of 5.25 mg/min. At what rate, in mg/min, would NO gas, also at 5.00 atm, effuse through the same pinhole?
The current prices of three U.S. treasury bonds are as follows: Maturity 1 Coupon Rate 0 2 3 6 7 Price 97.595 99.42 100.57 Assume that coupons paid yearly and all bonds have a face value of $100....
A 4.00 kg mass is sitting at rest on a horizontal surface. A horizontal force of 9.30 Newtons is needed to start this mass sliding across the surface. What is the coefficient of static friction...
Use statistics software to make a histogram of this data set: 44, 45, 51, 40, 28, 46, 34, 19. a. Based on the histogram, predict what a box plot of the data will look like. b. Use the software to...
Quadrilateral EFGH is a kite. Find mG. E H <105 G 50 F
Penny and Rick, equal partners in a partnership, recently attended a business-planning seminar held in their town. While at the seminar they learned about limiting their personal liability by using...
Paula transfers two assets to a partnership in separate transactions: a. Land with a $60,000 adjusted basis and a $100,000 FMV in exchange for a 20% interest in the partnership. b. A machine with a...
Dan, who is active in the management of the partnership, contributes $10,000 in cash to the newly formed DEF Partnership for a 10% interest in the partnership. The partners transfer no liabilities to...
Elliott Credit Corp. wants to earn an effective annual return on its consumer loans of 15.1 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by...
Suppose Cranston institutes a policy of granting a 1% discount for payment within fifteen days with the full amount due in forty-five days (1/15, net 45). Half the customers take the discount; the...
Theproviderof theoriginalangelfinancingloaned AKWebDevelopers$2,000,000at the end of1994. At the end of2001,AKrepaidthe$2,000,000 principal on the loan and gavehim500,000shares inlieuofinterest.At...

a . What procedure is used to correct a general journal entry error in a manual system?

Question:

Step by Step Answer:

a The procedure used to correct a general journal entry error in a manual ...View the full answer

Glencoe Accounting First Year Course

Students also viewed these Business questions