A correcting entry is not required ifa. a transaction has been journalized using the wrong amounts and posted.b. a transaction has been journalized to the wrong accounts and posted.c. a transaction has been journalized using the wrong accounts and amounts, then posted.d. a transaction has been correctly journalized but posted incorrectly.

If a transaction is correctly journalized but posted incorrectly, a correcting entry is not needed.…

Answered: A correcting entry is not required if…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section3.4: Starting A New Journal

Problem 3AYU

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Similar questions

Which transaction should not be recorded using the Expense or Check onscreen form?
Which of the following errors will be detected by a trial balance? a. Posting a credit to Sales instead of the Accounts Payable b. Incorrecty computing the balance of the cash account c. Not journalizing a complete sales transaction d. Forgetting to post a complete purchase transaction
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The ruling method can be used if an error is discovered before or after an entry was posted. A line is drawn through the incorrect account title or amount and the correct account title or amount written immediately above. The person making the correction also includes his or her initials with the correction. The correcting entry method is used if an error is discovered after an incorrectly journalized entry was posted. If the error consists of the wrong account(s), an entry is made to cancel out or reverse the incorrect account(s) and insert the correct account(s). The correcting entry must include an explanation. On May 10, a $170 payment for Advertising Expense was incorrectly journalized and posted as a debit to Travel Expense for $170 and a credit to cash for $170. Provide the correcting entry following the one-step method.
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The withdrawals account is normally closed by debiting it. Group of answer choices True False
The purpose of testing the quality of debits and credits is to find errors recorded in the amounts. True False
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Ledger accounts are updated through a process called posting. True False
In Access, forms allow users only to view database information, but not change it. True False
The following statements relate to nature of positive and negative confirmation requests. Which statement is true? * a. In positive confirmation, the customer is requested to reply directly to the client stating whether the balance appearing in the reply portion of the confirmation request is correct or not, and if not, to indicate details of difference. b. In a negative confirmation, the customer is asked to sign a confirmation form showing the account balance and return it in a stamped, addressed enveloped that is enclosed C. A positive confirmation request seeks a response from the debtor as to whether or not the balance is correct, and requests payment of the amount d. In negative confirmation, the debtor is requested to reply only if he disagrees with the indicated balance and to note details of the disagreement. e. None of the abovel

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