Question: IF I accidentally record an entry twice for example ( Dr expanse and CR cash) or ( DR sells revenue CR account receiveable) based on

IF I accidentally record an entry twice for example ( Dr expanse and CR cash) or ( DR sells revenue CR account receiveable) based on these two examples briefly describe how a reversing journal entry can correct the wrong entry?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

A reversing journal entry can correct a duplicated entry or any other erroneous entr... View full answer

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

A company manufactures a variety of liquids which pass through a number of processes. One of these products, P, passes through processes 1, 2 and 4 before being transferred to the finished goods...

7) The second financial statement to prepare is the statement of retained eamings. To determine the ending balance of retained earnings you need to start with the opening balance as reported in the...

A suite of Modula-3 procedures is being developed to handle arbitrarily large nonnegative integers. A test program for handling such numbers includes the following TYPE declaration: TYPE Digit =...

Trusted software could then be run on the workstation. Discuss the advisability of this approach to workstation design. (10 marks) b) Explain how distributed inter-process communication (IPC) is...

help me check my recordings of these transactions please! Part One, Two and Three Instructions Record the January 2019 transactions in the general journal (last section of this practice set) using...

Please solve whole problem. There are 5 parts to the question. Please look at all the pages and use the format provided. Will rate asap . The Business This practice set is designed to be five parts....

CCOUNTING OCIETY The Business This practice set is designed in five parts. In the first part, the student will complete the journal entries for the month in a manual accounting system for Maverick's...

help plz with month end adjusting entries please help with this JE Activity For The Month of January 1 Mason Automotive sells 5,000,000 shares at 54 par for S22 on January 1st, 2021. Ed Mason, the...

Part 4 nothing else just part 4 1 Current Assets 10000 Cash 11000A Stockholders Equity Accounts Receivable 39003 Common Stock 39005 Retained Earnings 39007Dividends 12000 Inventory- Candles Inventory...

Need Adjusted Journal Entries, (Instructions, Unadjusted Trial Balance, And Adjustments Needed) Are Posted. Adjusted Trial Balance, Income Statement, Statement of Retained Earnings, Balance Sheet,...

Part 4 please Record the January 2019 transactions in the general journal (last section of this practice set) using the following events. Skip a line between each entry and number the entries to...

Suppose a company has a monopoly on a game called Monopoly and faces a demand curve given by QT = 100 P and a marginal revenue function given by MR = 100 2QT Where QT equals the combined total...

A certain dc motor has the following parameter values: L = 2 10-3 HR = 0.6 KT = 0.04 N m/Ac = 0 I = 6 10-5 kg m2 Figure P11.61 Figure P11.61 shows an integral controller using state-variable...

The sustainable growth rate of a firm is best described as the: maximum growth rate achievable without external financing of any kind. minimum growth rate achievable if the firm maintains a constant...

Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2011 are as follows: The company records sales net of employee discounts. Discounts for...

Triple Z Inc., a developer of radiology equipment, has stock outstanding as follows: 12,000 shares of cumulative preferred 2% stock, $150 par and 50,000 shares of $10 par common. During its first...

Assume that Smith's Auto Sales paid $45,000 for equipment with a 15-year life and zero expected residual value. After using the equipment for six years, the company determines that the asset will...

EBV is considering a $6M Series A investment for 6M shares of CP at $1 per share. The proposed capitalization table is the Exhibit 8-1 on page 162. What is the OPP and APP for the Series A?

On February 28, 2017, Rural Tech Support purchased a copy machine for $53,400. Rural Tech Support expects the machine to last for six years and have a residual value of $3,000. Compute depreciation...

Explain how the employees should have disposed of the contaminated materials mentioned above

Identify the accounts debited and credited in the standard purchase and sale entries under (a) The perpetual inventory system (b) The periodic inventory system.

The Canvas Company (TCC) began August 2017 with 100 units of inventory that cost $60 each. The sale price of each of those units was $100. During August, TCC completed these inventory transactions:...

UK trader Nick Leeson worked for Baring Securities (Singapore) Limited (BSS) as the general manager and head trader. Due to his experience in operations, he also acted as head of the "back office"...

Consider the following data (y, x) from a CRD, where y represents the response after treatment, and is a covariate. (i) Analyze the data, ignoring the covariate, that is, (a) obtain treatment means,...

An experiment was conducted to compare six different management techniques (such as pruning, spraying and fertilizing) for apple trees with respect to yield. Each apple tree represents an...

7.2 Consider a CRD with 5 treatments, 6 replications for each treatment and 4 obser- vations for every experimental unit. Suppose the treatments represent increasing amounts (x) of fertilizer applied...