Why are errors corrected through the General Journal?
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The general error correction(GEC) document is used to correct inappropriate or erroneous accounting string data for general ledger entries generated from other financial transactions.
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When an error is discovered in the accounting records, it should be corrected immediately to prevent the processing of wrong data that will result to unreliable financial statements. A correcting entry is a journal entry whose purpose is to rectify the effect of an incorrect entry previously made.
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