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What else can I help you with?
How do you correct in the journal?
to correct an error made in the journal ( prior to posting in the ledger)
Which Excel's feature is used to correct common mistakes made during text entry?
auto-correct
What is zero correction?
the correction which is made to get correct measurement after zero error
Which side of a receivables ledger control account is cash refund to customers?
If you are having to refund a customer money from an account receivable that means that 1. They overpaid on their account (or) 2. An entry error was made and they were over charged. For example 1. Say Customer X paid you $500 on their account but only owed you $50. The original entry is going to give their AR a (credit balance) of $450. Because AR is an account receivable it maintains a Debit balance. To correct this and your company plans on paying them cash back (issuing a check), you will Issue the check for $450 and credit your cash account and debit their AR account. This entry will not effect revenue as it was an over payment and not actually recorded as Income. If it's just an entry error, then simply correct it with an adjusting entry. Since the original entry is recorded as AR (debit) and Revenue (credit), reverse the entries for the adjustment amount noting why the adjusting entry was made. Since this was an entry error more than likely Income (revenue) was entered wrong as well.
Difference between transcriptional error and transpositional error?
A transcription error is a specific type of data entry error that is commonly made by human operators but a transposition is the process of representing oral text in a written format
What are two mistakes Lewis made in his journal entry?
One mistake Lewis made in his journal entry was the misspelling of a plant or animal species. Another mistake could be a factual error in his observations or descriptions.
What is the correct wording on a bank statement when the bank gives you a credit for an error they made?
There is no correct or specific wording. Normally, the word credit or credit for bank error will appear on your statement.
What is a corerecting entry?
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.
How do you spell slipping?
That is the correct spelling of the word "slipped" (made misstep or error).
How do you spell mestup?
The correct form is the two word phrase "messed up" (botched, made an error).
If you expense the wrong account how can you undo it?
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) 500Cash (credit) 500I would adjust the entry by making this adjusting entry or something similarRent Expense (debit) 500Insurance Expense (credit) 500to remove the payment of rent that was inadvertently recorded as insurance expense and correct the rent expense account.
Can you explain the difference between adjusting entries and entries that would be made to correct errors?
Adjusting entries are journal entries that are made to adjust the balances of certain accounts, usually at the end of a period. An example of an adjusting entry is accumulating depreciation on equipment. Another example would be reducing the balance of Office Suplies Inventory to its end of period amount. An error correction entry is just as it sounds. It's an entry to correct an error. Anyway, they are all the same because after preparing Trial Balance we have to find error, we have to change by posting new entries to adjust the balances. those errors or mistakes can be because of the failure to record the transaction or there's no transaction but some accounts need to be realized. see example below for details: http://www.accounting7.com/content/exercise-adjusting-account-entries-accounting
