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carolb1970
Jan 25, 2013, 12:38 PM
a purchase of $303, paid by check and was recorded in both accounts as as a purchase of goods valued at $330. What is the journal entry?

Fidget1
Jan 25, 2013, 01:50 PM
There's two ways to do it. You can either completely reverse the oringal entries and then record the correct entries or, you can just reverse the $27 difference so that the correct net amount of $303 shows in each account.