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-   -   Reversing entries? (https://www.askmehelpdesk.com/showthread.php?t=442534)

  • Feb 3, 2010, 01:53 AM
    peacenluv_2010
    Reversing entries?
    An examination of the ledger shos this error:
    The Service Revenue account was totaled at $5200 instead of $5280. How do I correct this on a T-account?

    Do I just add the 80 bucks or is there something else I can do, none of the research I have done has been able to help neither does my book!!
  • Feb 3, 2010, 06:29 AM
    ArcSine
    If all transactions were recorded correctly, and it's just a matter of this one T accct being incorrectly totaled, then (1) the trial balance should be out by 80; and (2) your approach of just changing the total of that one T acct by 80 should straighten everything out.

    In other words, just change the total to what it would have been had it been added up correctly the first time.

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