What Is the Easiest Way to Correct an Error

question 19

Multiple Choice

What is the easiest way to correct an error?

• A)First,make the correct entry that should have been made initially.Second,eliminate the effect of the incorrect entry by making the opposite journal entry.
• B)Update accounts via a journal entry that are required to bring the accounts up to date as of a certain date.
• C)First,eliminate the effect of the incorrect entry by making the opposite journal entry. Second,make the correct entry that should have been made initially.
• D)Make the correct entry that should have been done initially.

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Definitions:

Trade Discounts

Reductions in price given by sellers to buyers in the business-to-business market.

Manufacturer

An entity engaged in the process of producing goods for sale by using raw materials, labor, and machinery.

Snowboard

A board used for snowboarding, a winter sport where the rider descends a slope covered with snow while standing on the board.

Seasonal Discounts

Price reductions on products or services offered during certain times of the year or specific seasons to increase sales.