Explain what are correction of errors.
Correction of errors are when figures are entered incorrectly either manually or automatically. To fix these errors they are set of by other entries.
Click on this link to learn more about correction of erros:
http://principlesofaccounts.weebly.com/correction-of-errors.html
What is a contra entry?
A contra entry is entered on the opposite of a previous entry and is put there to eliminate its effect on the balance.
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Contra Entry
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