Accounting - Correcting and Reversing Entries

Question

Mar 5, 2007, 05:54 AM

TGIFNIGHT

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Join Date: Mar 2007

Posts: 1

Accounting - Correcting and Reversing Entries

Funds were entered into the wrong revenue account how do I correct this. The funds were receipted into a foreign revenue account and should have been received into a USD revenue account. How do I reverse and correct this?

LiLi

Answers

Mar 6, 2007, 08:18 PM	#2

CaptainForest Finance & Accounting Expert Join Date: Nov 2005 Location: Canada Posts: 3,658	So basically, the Journal entry you made was: Dr. Cash Cr. foreign revenue account The journal entry you SHOULD have made was: Dr. Cash Cr. USD revenue account Therefore, the adjusting entry you need to make to fix this is: Dr. foreign revenue account Cr. USD revenue account

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