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LESSON 4-4

LESSON 4-4. Completed Accounting Forms and Making Correcting Entries. What is a correcting entry? When is a correcting entry necessary?

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LESSON 4-4

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  1. LESSON 4-4 Completed Accounting Forms and Making Correcting Entries • What is a correcting entry? • When is a correcting entry necessary? • 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? • 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?

  2. Competency: Understanding the Accounting Cycle for a Service Business • Objectives: • 42 Post general entries to the general ledger. • 50 Summarize the progression from source documents to journals. LESSON 4-4

  3. Chapter 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. LESSON 4-4

  4. Correcting entry – A journal entry made to correct an error in the ledger. LESSON 4-4

  5. JOURNAL PAGE WITH POSTING COMPLETED page 105 LESSON 4-4

  6. MEMORANDUM FOR A CORRECTING ENTRY page 108 LESSON 4-4

  7. 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. 1 Date 2 Debit 4 Source Document 3 Credit JOURNAL ENTRY TO RECORD A CORRECTING ENTRY page 108 LESSON 4-4

  8. TERM REVIEW page 109 In your Chapter 4Terms Word Document and SaveAS Chapter4TermsYourName • correcting entry LESSON 4-4

  9. Exit Ticket for Chapter 4-4 In a Word Document, SaveAS: Chapter4-4AYUYourName Drop a copy in my InBox today before you leave! • What is a correcting entry? • When is a correcting entry necessary? • 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? • 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? LESSON 4-4

  10. Chapter 4-4 Assignments Complete on Aplia • Work Together 4-4 • On Your Own 4-4 • Application Problem 4-4 LESSON 4-4

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