An unacceptable way to make a correcting entry 1. A correcting entry a. must involve one statement of financial position account and one income statement account. b. is another name for a closing entry. c. may involve any combination of accounts. d. is a required step in the accounting cycle. 2. An unacceptable way to make a correcting entry is to a. reverse the incorrect entry. b. erase the incorrect entry. c. compare the incorrect entry with the correct entry and make a correcting entry to correct the accounts. d. correct it immediately upon discovery. 3. Farr Company paid the weekly payroll on January 2 by debiting Wages Expense for $45,000. The accountant preparing the payroll entry overlooked the fact that Wages Expense of $27,000 had been accrued at year end on December 31. The correcting entry is a. Wages Payable 27,000 Cash 27,000 b. Cash 18,000 Wages Expense 18,000 c. Wages Payable 27,000 Wages Expense 27,000 d. Cash 27,000 Wages Expense 27,000 4. Stine Company paid â‚¬530 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of â‚¬350 and a credit to Accounts Receivable, â‚¬350. The correcting entry is a. Accounts Payable 530 Cash 530 b. Accounts Receivable 350 Cash 350 c. Accounts Receivable 350 Accounts Payable 350 d. Accounts Receivable 350 Accounts Payable 530 Cash 880 5. A lawyer collected $830 of legal fees in advance. He erroneously debited Cash for $380 and credited Accounts Receivable for $380. The correcting entry is a. Cash 380 Accounts Receivable 450 Unearned Revenue 830 b. Cash 830 Service Revenue 830 c. Cash 450 Accounts Receivable 380 Unearned Revenue 830 d. Cash 450 Accounts Receivable 450 Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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