Correction of Errors that do, and do not affect the balancing of the trial balance - Part 1
Correction of Errors that do and do not affect the balancing of the trial balance.
Prepare Journal Entries to correct errors
Prepare a Suspense Account
Errors Not Revealed By a Trial Balance
1. Error of Transposition
2. Error of Original Entry
3. Errors of Principle
4. Complete Reversal of Entries
5. Error of Omission
6. Errors of Commission
7. Compensating Error