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The Trial Balance and Correction of Errors
Quick questions on Correcting errors with journal entries explained: O-Level Principles of Accounts
5short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is the correcting journal entry?Show answer
To correct an error, you write a journal entry that cancels the wrong effect and records the right one, with a narrative explaining the correction. The method:
What is effect on profit?Show answer
Profit is income minus expenses. A correction changes profit only if it touches an income or expense account:
What is q1?Show answer
Write the journal entry to correct equipment \1\,500$ wrongly debited to Purchases. [2 marks]
What is q2?Show answer
State the effect on profit of recording a sale of \400$ that had been omitted. [1 mark]
What is q3?Show answer
A draft profit is \20\,000\ was debited to Purchases. State the corrected profit.
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