Accounting for IGCSE & O level - Accounting Procedures (Section 5 - No. 13)
In the case of complete reversal, what is the correct accounting entry?
The credit of \$440 to the bank amount reduced the debit balance on the amount by \$220 instead of increasing it by \$220.
The total error of the debit has canceled the total error on the credit side.
Expenses were understated by \$440.
Expenses were overstated by \$440.
Explanation
The total error of the debit has canceled the total error on the credit side, and expenses were overstated by \$440.
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