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Accounting How do you correct wrong account used for journal entry?
Wiki User
∙ 9y ago
First of all determine that which account need correction, after that find out the correct journal entry and after that rectify the wrong transaction accordingly.
Wiki User
∙ 9y ago
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What is the basic summary device of accounting?
account or accounting equation
How do you correct a incorrect account journal entry?
Reversing the JE
Why do you need to re class a journal entry?
if journal entry is misclassified to some other account then it is required to re-classify the journal entry for correct impact or record purposes.
What is the journal entry when a company pays a utility bill using double entry accounting system?
[Debit] Utility bill account xxxx [Credit] Cash / bank account xxxx
Can a compound journal entry affect more than 2 accounts?
Yes for compound journal entry at least more than one debit and credit account is required.
What is the basic summary device of accounting?
account or accounting equation
How do you correct a incorrect account journal entry?
Reversing the JE
Matching in accounting means to make an entry in the journal?
Matching" in accounting means to make an entry in the journal
Why do you need to re class a journal entry?
if journal entry is misclassified to some other account then it is required to re-classify the journal entry for correct impact or record purposes.
If you completed a 7800 project for a client on an account what is the accounting journal entry?
Dr - Account Receivable $7800.00 Cr - Income ($7800.00)
What is the journal entry when a company pays a utility bill using double entry accounting system?
[Debit] Utility bill account xxxx [Credit] Cash / bank account xxxx
Can a compound journal entry affect more than 2 accounts?
Yes for compound journal entry at least more than one debit and credit account is required.
What is the journal entry to close expense accounts includes?
The purpose of the closing entry is to bring the temporary journal account balances to zero for the next accounting period, which aids in keeping the accounts reconciled.
Why do you need to reverse a journal entry?
According to my understanding and my study in accounting, the reversal of journal entry merely is for the opening balances for a new year of accounting period
What is the accounting entries when goods are bought on credit?
The journal entry is the accounting entry which lists the goods that are bought on credit.
What are the accounting journal entry to record the exchange of debt for equipment?
[Debit] Debt Account xxxx [Credit] Asset/Equipment xxxx
What is the structure of a journal entry?
Recording of a transaction in an accounting journal, such as the General Journal. The journal entry has equal debit and credit amounts, and it usually includes a one-sentence explanation of the purpose of the transaction is called journal entry.
