Accounting - Correcting and Reversing Entries

Question

Mar 5, 2007, 06:54 AM

TGIFNIGHT

New Member

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, 09:18 PM	#2

CaptainForest Finance & Accounting Expert Join Date: Nov 2005 Location: Canada Posts: 3,672	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

Answer this Question Ask about Accounting

Bookmarks

« Previous Thread | Next Thread »

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Sponsors

Similar Threads
Question	Asker	Forum	Answers	Last Post
reversing entries	kumquatpics	Accounting	0	Mar 5, 2007 05:44 AM
reversing entries	kumquatpics	Accounting	1	Mar 4, 2007 01:08 PM
prepare correcting entries	sam33	Accounting	1	Feb 28, 2007 07:42 PM
prepare correcting entries	sam33	Accounting	1	Feb 28, 2007 01:23 AM
reversing entries	kizzyb	Finance & Accounting	2	Sep 1, 2006 12:17 AM



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!