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The best way to do that is to make an adjust entry noting the error and why the correction is being made. For example, if I paid Rent for 500 and say I made this journal entry.
Insurance Expense (debit) 500
Cash (credit) 500
I would adjust the entry by making this adjusting entry or something similar
Rent Expense (debit) 500
Insurance Expense (credit) 500
to remove the payment of rent that was inadvertently recorded as insurance expense and correct the rent expense account.
What else can I help you with?
When you debit an operating expense what account do you debit?
In my opinion, this question is wrong. DR Operating Expense CR Accounts Payable
Does payroll Expense have a credit or debit account?
Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
Is a drawing account an expense or liability?
an expense
Which account is not classified as a selling expense Freight-Out or Sales Salaries or Advertising Expense or Sales Discounts?
Which account is not classified as a selling expense?
When you debit an operating expense what account do you debit?
In my opinion, this question is wrong. DR Operating Expense CR Accounts Payable
Does payroll Expense have a credit or debit account?
Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.
What account types is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account type is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
Is the drawings account an expense account?
The Drawings account is not an expense account. It is a contra equity account. Therefore, it appears on the balance sheet.
How do I account for IT maintenance expense?
software expense
Is a drawing account an expense or liability?
an expense
Which account is not classified as a selling expense Freight-Out or Sales Salaries or Advertising Expense or Sales Discounts?
Which account is not classified as a selling expense?
What is the journal entry to reverse an accrued expense?
Payable Account XXX Expense Account XXX
Is bad debt expense account and allowance for uncollectible account is same account?
Bad debt expense account is the actual expense account for bad debts while allowance for doubtful account is the provision for account in case of any bad debts occurs in future.
Is Interest expense a permanent account?
No it is a temporary account
