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What is a correcting entry

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Reference no: EM131537096

Question: 1. What is a correcting entry?

2. When is a correcting entry necessary?

3. When an amount is journalized and posted as a debit to an incorrect expense account, why is the amount of the correcting entry debited to the correct expense account?

4. When an amount is journalized and posted as a debit to an incorrect expense account, why is the amount of the correcting entry credited to the incorrect expense account?

Reference no: EM131537096

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