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-   -   Accounting - Correcting and Reversing Entries (https://www.askmehelpdesk.com/showthread.php?t=68876)

  • Mar 5, 2007, 07:54 AM
    TGIFNIGHT
    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
  • Mar 6, 2007, 10:18 PM
    CaptainForest
    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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