What is the easiest way to correct an error?

Question

Quizplus · Accepted Answer

The easiest way to correct an error is to first eliminate the effect of the incorrect entry by making the opposite journal entry. This will undo the mistake. Then, make the correct entry that should have been made initially to ensure the accounts are updated correctly. This method is more efficient than trying to update accounts via a journal entry that are required to bring the accounts up to date as of a certain date, as stated in choice B. Choice A is partially correct, but the opposite entry should be made first to eliminate the mistake. Finally, choice D does not address the need to undo the incorrect entry before making the correct one.

What Is the Easiest Way to Correct an Error