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

1 Accounting Is Fun!1 Mistakes Chapter 2 & 3

2 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”

3 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!

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

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