If an error in a journal entry is detected after posting, you should
A) erase the incorrect entry.
B) initial where the error was made.
C) make a correcting entry.
D) do nothing in hopes it will go away.

Question

Quizplus · Accepted Answer

Making a correcting entry is the best option, as it ensures that the books are accurate and up-to-date. Erasing the incorrect entry could lead to confusion and potentially impact the accuracy of future entries, while simply initialling where the error was made does not correct the mistake. Doing nothing in hopes it will go away is not an appropriate response to an error in financial records.

If an Error in a Journal Entry Is Detected After