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 statements about a journal is false? (a) It is not a book of original entry. (b) It provides a chronological record of transactions. (c) It helps to locate errors because the debit and credit amounts for each entry can be readily compared. (d) It discloses in one place the complete effect of a transaction.
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
The classes/categories of account that are always debited except when closing, correcting error, reversing entries or making a mistake are;
Which of the following errors in the journal entry will not be detected by trial balance.a) Debit part is overstated but credit part is correctly recordedb) Debit part is correctly recorded but credit part is understatedc) Both debit and credit parts are overstated by the same amountd) Debit part is correctly recorded but credit part is overstatedBoş bırak
Which of the following is true of the correcting entry method? a.It cannot be used to correct a manual entry. b.It cannot be used to correct computerized entry. c.It can be used only to correct an error before posting has taken place. d.It can be used to correct both manual and computerized entries.
A backlog in recording transactions is an example of a warning sign from the accounting system. True False
The withdrawals account is normally closed by debiting it. Group of answer choices True False
Which of the following errors will cause the trial balance totals to be unequal? A. posting the debit portion of a journal entry incorrectly when the credit portion of the entry is correctly posted B. recording the same transaction more than once C. recording the same erroneous amount for both the debit and the credit parts of a transaction
The purpose of testing the quality of debits and credits is to find errors recorded in the amounts. True False
What alternative procedures should be applied to accounts that do not return confirmations?
Ledger accounts are updated through a process called posting. True False

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