Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 43 - No. 2)
If an error is discovered where an expense was recorded as a debit instead of a credit. what will the correction entry be?
Debit the same expense account
Credit the same expense account.
Debit Retained Earnings
Credit Cash
Explanation
The journal entry must credit the expense to correct the initial error.
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