Accounting for IGCSE & O level - Accounting Procedures (Section 11 - No. 31)
What is the general approach when correcting an error?
Make the entry that reflects what *should* have been done.
Always reverse the incorrect entry and then create a new correct entry.
Adjust only the balance sheet as the income statement is already closed.
Recalculate and rewrite the original entry.
Explanation
The correct entry should be made to reflect what should have been done.
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