Accounting for IGCSE & O level - Accounting Procedures (Section 25 - No. 14)
What action should be taken after the source of the error is identified and the necessary adjustments are determined?
Leave the accounts as they are.
Reverse the original entry.
Make a correcting journal entry.
Close the suspense account without further action.
Explanation
A correcting journal entry is created to fix the mistakes made.
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