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What is a corerecting entry?

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Anonymous

15y ago
Updated: 8/17/2019

A correcting entry is an entry that corrects a previous entry.

ex. You buy supplies worth $500

You debit Equipment and you credit Cash

then you CORRECT it by:

debiting Supplies and crediting Equipment

Basically, since you made a mistake in the first entry, you correct it. In some cases, you redo the entry by debiting cash, crediting equipment; then starting over, debit supplies, credit cash.

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Wiki User

15y ago

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