Accounting Is Fun!1 Mistakes Chapter 2 & 3. Accounting Is Fun!2 Errors: Transpositions and Slides Transposition error –Digits have been transposed (switched.

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Presentation transcript:

Accounting Is Fun!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 Correcting Entry Method— Manual or Computerized 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!

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

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