To correct an error made in the journal (prior to posting in the ledger) :

A) erase the error and write the correct entry.
B) write a new journal entry correcting the original entry.
C) No adjustment is required.
D) None of the above is correct.

Question

Damon Guntik · Accepted Answer

Final Answer : B, Explanation :  Writing a new journal entry to correct the original one is the proper accounting practice. Erasing errors or leaving them uncorrected is not acceptable in accounting standards.

To correct an error made in the journal (prior to posting in the ledger) :

A) erase the error and write the correct entry.
B) write a new journal entry correcting the original entry.
C) No adjustment is required.
D) None of the above is correct.

Definitions

Learning Objectives

Learning Objectives

Related questions

To correct an error made in the journal (prior to posting in the ledger) :A) erase the error and write the correct entry.B) write a new journal entry correcting the original entry.C) No adjustment is required.D) None of the above is correct.

Definitions

Learning Objectives

Learning Objectives

Related questions

To correct an error made in the journal (prior to posting in the ledger) :

A) erase the error and write the correct entry.
B) write a new journal entry correcting the original entry.
C) No adjustment is required.
D) None of the above is correct.