If an error is recorded in a journal entry,
A) cancel the error by drawing a neat line through the error.
B) correct the entry by writing the correct item above the canceled error.
C) do not erase the incorrect item.
D) all of these.
Correct Answer:
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Q4: A transaction for the sale of goods
Q5: The formula for calculating net income is
Q6: If the previous account balance and the
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Q10: The first step in the posting procedure
Q11: Income Summary is a(n)
A) asset account.
B) liability
Q12: Assets taken out of a business for
Q13: The entry to establish a $200.00 petty
Q14: If an amount is recorded on the
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