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    TGIFNIGHT's Avatar
    TGIFNIGHT Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 5, 2007, 07:54 AM
    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
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Mar 6, 2007, 10:18 PM
    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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