Correction Procedure Bookkeeping Question

Correction Procedure

Correction Procedure

What are the correct accounts for remitting EI, CPP and Tax?


Employees EI is $49.13, Employers EI portion is $68.78.

Employees CPP is $62.78, same for Employers portion.

Tax is $40.00.

Are there both liability accounts and expense accounts that should be posted to?

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Correct These Entries

Nigel had paid vet fees of £500 for his daughter's horse and these had been debited to office expenses account and credited to bank.

What is the correct entry?



Work done during a week in June 2009 had been:-

Net £4000
VAT £700
Gross £4700

The gross and the net had been correctly posted to the accounts in the sales and general ledgers; but the VAT account had been excluded.

What is the correct entry?

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How to correct a prior year entry after the books and software year has been closed?

Yearly escrow fees for a rental condo are booked into a current asset acct. At year end the actual taxes paid from the escrow acct are reclassed to an expense acct - Property Taxes. In 2009 we failed to reclass the taxes paid to the exepnse acct. Our accounting software will not allow us to go back into a prior year once the year has been closed. Is it possible to correct the entry in 2010(2010 is still open on our books) using a susepnse acct or something?

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