Correcting Entries

Correcting Entries - incorrect entry, fixes the error....

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Correcting Entries Accountants must make  correcting entries  when they find errors. There are two ways to make  correcting entries: reverse the incorrect entry and then use a second journal entry to record the  transaction correctly, or make a single journal entry that, when combined with the original but 
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Unformatted text preview: incorrect entry, fixes the error. After making a credit purchase for supplies worth $50 on April 5, suppose Mr. Green accidently credits accounts receivable instead of accounts payable....
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.

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