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Recording and Posting Correcting Entries An auditor reviewed the accounting records of

Accounting: First Year Course | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe ISBN: 9780078688294 416

Solution for problem 7-9 Chapter 7

Accounting: First Year Course | 1st Edition

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Accounting: First Year Course | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe

Accounting: First Year Course | 1st Edition

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Problem 7-9

Recording and Posting Correcting Entries An auditor reviewed the accounting records of Showbiz Video. The auditor wrote a list of transactions, outlined below, describing the errors discovered in the March records. The general journal for March and a portion of the general ledger are included in your working papers. Instructions 1. Record correcting entries on general journal page 22. Use March 31 as the date and Memorandum 50 as the source document for all correcting entries. 2. Some errors will not require correcting entries but will require a general ledger correction. Make the appropriate general ledger corrections. 3. Post all correcting entries to the general ledger accounts.

Step-by-Step Solution:

Problem 7.9

Recording and Posting Correcting Entries An auditor reviewed the accounting records of Showbiz Video. The auditor wrote a list of transactions, outlined below, describing the errors discovered in the March records. The general journal for March and a portion of the general ledger are included in your working papers. Instructions 1. Record correcting entries on general journal page 22. Use March 31 as the date and Memorandum 50 as the source document for all correcting entries. 2. Some errors will not require correcting entries but will require a general ledger correction. Make the appropriate general ledger corrections. 3. Post all correcting entries to the general ledger accounts.

                                                         Step by Step Solution

Step 1 of 4

Correcting entries can be defined as the journal entries made for the purpose of fixing the errors and omissions made by the accountant in the books of accounts. For example: Purchase of asset being recorded as debit to inventory account.

Step 2 of 4

Chapter 7, Problem 7-9 is Solved
Step 3 of 4

Textbook: Accounting: First Year Course
Edition: 1
Author: Glencoe
ISBN: 9780078688294

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Recording and Posting Correcting Entries An auditor reviewed the accounting records of