On August 22, 20X1, an employee of Bell Company mistakenly debited the Truck Expense account rather than the Repair Expense account when recording a bill of $775 for repairs. The error was discovered on October 1. Prepare a general journal entry to correct the error.

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05-07-2022
Business

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On August 22, 20X1, an employee of Bell Company mistakenly debited the Truck Expense account rather than the Repair Expense account when recording a bill of $775 for repairs. The error was discovered on October 1. Prepare a general journal entry to correct the error.

Sagot :

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shubhamsinha3013 shubhamsinha3013 · Answer 1 · 2022-07-13T08:29:17-04:00

The general journal entry to correct the error will be :

Repair expense Account ....dr. $775

To Truck expense Account $775

The entry to correct the error is called rectification entry.

In the given question the employee debited the Truck Expense account instead of the Repair Expense account when recording a bill of $775 for repairs.

Therefore, to rectify this mistake we will credit the Truck Expense account to cancel the wrong debit. And debit the Repair Expense account as it should be debited in the first place.

Since this error was discovered on October 1. The correct entry will be passed on this date only.

Hence. the rectification entry becomes:

Repair expense Account ....dr. $775

To Truck expense Account $775

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On August 22, 20X1, an employee of Bell Company mistakenly debited the Truck Expense account rather than the Repair Expense account when recording a bill of $775 for repairs. The error was discovered on October 1. Prepare a general journal entry to correct the error.

Sagot :

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