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Prepare the compound journal entry to correct error

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Reference no: EM132141514

Question - As the senior accountant you had just prepared & posted the journal entry that closed the revenue accounts to the income summary account. Suddenly you noticed that your bookkeeper made a tragic error in recording one of the expenses during the last month of the fiscal year. The bookkeeper had recorded the December utility bill as a debit to accounts receivable and a credit to wages expense for $500. Prepare the compound journal entry to correct error?

Reference no: EM132141514

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