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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

When an incorrect entry has been journalized and posted to the wrong account, a correcting entry should be made.

To determine

Identify whether the given statement is true or false.

Explanation

Correcting entry:

When an incorrect entry is journalized and posted to wrong account it must be corrected using the proper entry.

When there is an occurrence of error in the transaction recorded and posted, it is important to make the correction in the manner by which it easy for others to understand. This correction is made as to avoid the inequality in the balance of trial balance...

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