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Level 1

Journal Entry to Remove Duplicate Sales?

Back in January we had incorrectly set up our ebay application with QBO. During this time hundreds of individual item sales were entered twice in QBO (too many to go through and delete by hand). I would like to create one General Journal Entry so that our P&L reflects the correct cost of goods sold for January. Do I credit the Ebay account and debit Cost of Goods Sold?

1 Comment 1
Level 15

Journal Entry to Remove Duplicate Sales?

Use income as the debit entry, and use retained earnings for the credit entry

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