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Mistakes

Mistakes. Chapter 2 & 3. Errors: Transpositions and Slides. Transposition error Digits have been transposed (switched around) Slide error The decimal point in an amount has been misplaced “Slide the decimal place”. One-step method Create journal entry to undo error and provide correction

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Mistakes

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  1. Mistakes Chapter 2 & 3 Accounting Is Fun!

  2. Errors: Transpositions and Slides • Transposition error • Digits have been transposed (switched around) • Slide error • The decimal point in an amount has been misplaced • “Slide the decimal place” Accounting Is Fun!

  3. One-step method Create journal entry to undo error and provide correction Always include explanation! Two-step method Reverse the error with a journal entry Make the correct journal entry Always include explanation! Correcting Entry Method—Manual or Computerized Accounting Is Fun!

  4. One-Step Method Two-Step Method Accounting Is Fun!

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