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 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
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.
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
Accounts often need to be adjusted because Select one: a. there are never enough accounts to record all the transactions. b. many transactions affect more than one time period. c. there are always errors made in recording transactions. d. management can’t decide what they want to report.
The classes/categories of account that are always Credited except when closing, correcting error, reversing entries or making a mistake are;
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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