CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-4 Completed Accounting Forms...
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-4 LESSON 4-4 Completed Accounting Forms and Making Correcting Entries 1. What is a correcting entry? 2. When is a correcting entry necessary? 3. When an amount is journalized and posted as a debit to an incorrect expense account, why is the amount of the correcting entry debited to the correct expense account? 4. When an amount is journalized and posted as a debit to an incorrect expense account, why is the amount of the correcting entry credited to the incorrect expense account?
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Transcript of CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-4 Completed Accounting Forms...
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 4-4LESSON 4-4
Completed Accounting Forms and Making Correcting Entries1. What is a correcting entry?2. When is a correcting entry necessary?3. When an amount is journalized and posted as a debit to
an incorrect expense account, why is the amount of the correcting entry debited to the correct expense account?
4. When an amount is journalized and posted as a debit to an incorrect expense account, why is the amount of the correcting entry credited to the incorrect expense account?
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Competency: Understanding the Competency: Understanding the Accounting Cycle for a Service BusinessAccounting Cycle for a Service Business
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LESSON 4-4
Objectives:42 Post general entries to the general
ledger.
50 Summarize the progression from source documents to journals.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Chapter 4 ObjectivesChapter 4 Objectives
Define accounting terms related to posting from a journal to a general ledger.
Identify accounting concepts and practices related to posting from a journal to a general ledger.
Prepare a chart of accounts for a service business organized as a proprietorship.
Post separate amounts from a journal to a general ledger. Post column totals from a journal to a general ledger. Analyze and journalize correcting entries.
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LESSON 4-4
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Correcting entry – A journal entry made to correct an error in the ledger.
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LESSON 4-4
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 4-4
JOURNAL PAGE JOURNAL PAGE WITH POSTING COMPLETEDWITH POSTING COMPLETED page 105
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 4-4
MEMORANDUM MEMORANDUM FOR A CORRECTING ENTRYFOR A CORRECTING ENTRY page 108
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 4-4
JOURNAL ENTRY JOURNAL ENTRY TO RECORD A CORRECTING ENTRYTO RECORD A CORRECTING ENTRY page 108
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Source DocumentSource Document
33CreditCredit
11 DateDate 22 DebitDebit
November 13. Discovered that a payment of cash for advertising in October was journalized and posted in error as a debit to Miscellaneous Expense instead of Advertising Expense, $140.00. Memorandum No. 15.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 4-4
TERM REVIEWTERM REVIEW
correcting entry
page 109
In your Chapter 4Terms Word Document and SaveAS Chapter4TermsYourName
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Exit Ticket for Chapter 4-4Exit Ticket for Chapter 4-4
1. What is a correcting entry?
2. When is a correcting entry necessary?
3. When an amount is journalized and posted as a debit to an incorrect expense account, why is the amount of the correcting entry debited to the correct expense account?
4. When an amount is journalized and posted as a debit to an incorrect expense account, why is the amount of the correcting entry credited to the incorrect expense account?
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LESSON 4-4
In a Word Document, SaveAS: Chapter4-4AYUYourNameDrop a copy in my InBox today before you leave!
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Chapter 4-4 Assignments Chapter 4-4 Assignments Complete on ApliaComplete on Aplia
Work Together 4-4 On Your Own 4-4 Application Problem 4-4
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LESSON 4-4
