© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO7Analyze incorrect journal entries and.

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Presentation transcript:

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO7Analyze incorrect journal entries and prepare correcting entries. LO8Demonstrate how to correct errors made during the posting process.

© 2014 Cengage Learning. All Rights Reserved. Memorandum for a Correcting Entry ●An incorrect journal entry should be corrected with an additional journal entry, called a correcting entry. SLIDE 2 ●A memorandum is prepared as the source document describing the correction to be made. LO7 Lesson 4-3

© 2014 Cengage Learning. All Rights Reserved. Journal Entry to Record a Correcting Entry SLIDE 3 Lesson 4-3 April 17. Discovered that a payment of cash for advertising in March was journalized and posted in error as a debit to Miscellaneous Expense instead of Advertising Expense, $ Memorandum No Date 2 2 Debit Advertising Expense Miscellaneous Expense Credit 4 4 Source Document LO7

© 2014 Cengage Learning. All Rights Reserved. Correcting an Error in Posting to the Wrong Account SLIDE 4 LO8 Lesson Draw a line through the entire incorrect entry Record the posting in the correct account. Recalculate the account balance

© 2014 Cengage Learning. All Rights Reserved. Correcting an Incorrect Amount SLIDE Draw a line through the incorrect amount. Lesson Recalculate the account balance Write the correct amount just above the incorrect amount in the same space. LO

© 2014 Cengage Learning. All Rights Reserved. Correcting an Amount Posted to the Wrong Column SLIDE 6 Lesson Draw a line through the incorrect item in the account Recalculate the account balance Record the posting in the correct amount column. LO8

© 2014 Cengage Learning. All Rights Reserved. Lesson 4-3 Audit Your Understanding 1.What is a correcting entry? SLIDE 7 ANSWER A journal entry made to correct an error in the ledger Lesson 4-3

© 2014 Cengage Learning. All Rights Reserved. Lesson 4-3 Audit Your Understanding 2.When is a correcting entry necessary? SLIDE 8 ANSWER When a transaction has been improperly journalized and posted to the ledger Lesson 4-3

© 2014 Cengage Learning. All Rights Reserved. Lesson 4-3 Audit Your Understanding 3.What are the three steps for correcting an incorrect amount posted to an account? SLIDE 9 ANSWER 1.Draw a line through the incorrect amount. 2.Write the correct amount just above the correction in the same space. 3.Recalculate the account balance. Lesson 4-3

© 2014 Cengage Learning. All Rights Reserved. Lesson 4-3 Audit Your Understanding 4.What are the three steps for correcting an amount posted to an incorrect column? SLIDE 10 ANSWER 1.Draw a line through the incorrect item in the account. 2.Record the posting in the correct amount column. 3.Recalculate the account balance. Lesson 4-3