If an Error in a Journal Entry Is Detected After

question 8

Multiple Choice

If an error in a journal entry is detected after posting, you should

• A) erase the incorrect entry.
• B) initial where the error was made.
• C) make a correcting entry.
• D) do nothing in hopes it will go away.

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Definitions:

Lease Agreement

A contract between a lessor and lessee that outlines the terms under which property is rented.

Depreciated

Refers to an asset that has decreased in value over time, typically due to wear and tear or obsolescence.

Sales Commission

A payment made to salespersons, often calculated as a percentage of sales revenue, for meeting or exceeding sales targets.

Maintenance

The activities and expenses related to the ongoing upkeep and repair of assets to ensure their functionality and efficiency.