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Depending upon the type of an error and the point in time it is discovered, the correcting procedure differs.
- When a journal entry is incorrect and has not yet been posted, a line should be drawn through the error and the correct title or amount should be entered.
- When a journal entry has been posted incorrectly, it is necessary to journalize and post a correcting entry.
- When a journal entry is correct but has been posted incorrectly, a correcting entry should be posted.
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