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Rice Corp. noticed that a check written by the company for utility expense in the amount of $1,000 was incorrectly recorded by the bank as $1,100. What entry needs to be recorded to correct this error

Sagot :

No entry is required on the company's books.

What is a journal entry?

The date, the amount to be credited and debited, a brief description of the transaction, and the accounts involved are all included in each journal entry along with other information pertinent to a single business transaction. Depending on the business, it could include a list of the impacted subsidiaries, tax information, and other details.

Journal entries are of six main types, that is:

  • Opening Entries
  • Transfer Entries
  • Closing Entries
  • Adjusting Entries
  • Compound Entries
  • Reversing Entries

To know more about Adjusting Entries refer to: https://brainly.com/question/13449237

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