Finding and Correcting Errors On May 25, after the transactions had been posted, Joe Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. 20- May 23 DATE Cash Correct the error in the general journal using a correcting entry. Page: 1 1 May 25 2 3 Service Fees Received cash for services previously earned ACCOUNT TITLE To correct entry of May 23 DOC. POST. NO. REF. 101 401 DEBIT CREDIT 1 3 1,400.00 1,400.00
Finding and Correcting Errors On May 25, after the transactions had been posted, Joe Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. 20- May 23 DATE Cash Correct the error in the general journal using a correcting entry. Page: 1 1 May 25 2 3 Service Fees Received cash for services previously earned ACCOUNT TITLE To correct entry of May 23 DOC. POST. NO. REF. 101 401 DEBIT CREDIT 1 3 1,400.00 1,400.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journal entries recording is one of the initial step in whole accounting process. Under this, atleast one account is debited and atleast one account is credited as per rule of debit and credit.
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