As the full-time bookkeeper, the job is to make sure all transactions are recorded properly. If there is an error, each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease.

1.What are some examples of transactions that would need to be recorded or journalized?

2.Provide an example of a transaction and the journal entry

3.Why is it important to accurately record the transaction above?

4.Suppose a co-worker has recorded a cash disbursement twice (Supplies Expense was debited twice for $100 and Cash was credited twice for $100) and wants a coworker to record a correcting entry that will reverse the mistake. The correcting entry will record a debit to the Cash account and a credit to the Supplies account. Should this correcting entry be made? What should be investigated before making a decision about the correcting entry? Are there any other steps to take to address this issue?