which Tafe do you go to for acounting? (1 Viewer)

[MoonLiteDreamz]

Haha. can I just say that I've barely rremember any of the accounting procedures since its finished?! It's so sad. lol

 

[Getteral09]

Quote:
Originally Posted by a_person86
Correction of error is simple. All you do is basically reverse an action. So say that they mistakenly posted an accounts receivable to John Crack instead of John Krack. So the first one is

Dr Accounts Receivable (JOhn Crack)
Cr Supplies

So thats what happen... this is what suppose to happen

Dr Accounts Receivable (John Krack)
Cr Supplies

So now, you need to adjust the top adjustment to the other... so it be something like:

Dr A/c Rec (JOHn Krack)
Cr A/c Rec (John Crack)

Umm...Isn't the adjustment meant to be Dr A/c Rec (John Crack)Cr A/c Rec (john Krack) ??? or am i wrong?

Great. So Can anyone answer this question??? *calling to anyone who can do accounting*

 

[azza_3761]

Nah thats the way it should be as:
- the new transaction [Dr A/c Rec (JOhn Crack)] + the old transaction [Cr A/c Rec (John Crack)] will cancel each other out, while
- the Dr A/c Rec (JOHn Krack) reestablishs the accounts to what they should be