CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-3 Completed General Ledger, Proving Cash, and Making Correcting Entries Original created by M.C.

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-3 Completed General Ledger, Proving Cash, and Making Correcting Entries Original created by M.C. McLaughlin, Thomson/South-Western Modified by Deborah L. Burns, Johnston County Schools, West Johnston High School

CENTURY 21 ACCOUNTING © Thomson/South-Western 2 LESSON 4-3 GENERAL LEDGER WITH POSTING COMPLETED page 102 (continued on next slide)

CENTURY 21 ACCOUNTING © Thomson/South-Western 3 LESSON 4-3 GENERAL LEDGER WITH POSTING COMPLETED page 103 (continued on next slide)

CENTURY 21 ACCOUNTING © Thomson/South-Western 4 LESSON 4-3 GENERAL LEDGER WITH POSTING COMPLETED page 103 (continued on next slide)

CENTURY 21 ACCOUNTING © Thomson/South-Western 5 LESSON 4-3 GENERAL LEDGER WITH POSTING COMPLETED page 104 (continued on next slide)

CENTURY 21 ACCOUNTING © Thomson/South-Western 6 LESSON 4-3 GENERAL LEDGER WITH POSTING COMPLETED page 104 (continued on next slide)

CENTURY 21 ACCOUNTING © Thomson/South-Western 7 LESSON 4-3 GENERAL LEDGER WITH POSTING COMPLETED page 105 (continued on next slide)

CENTURY 21 ACCOUNTING © Thomson/South-Western 8 LESSON 4-3 GENERAL LEDGER WITH POSTING COMPLETED page 105 (continued from previous slide)

CENTURY 21 ACCOUNTING © Thomson/South-Western 9 LESSON 4-3 PROVING CASH page 106  Determining that the amount of cash agrees with the balance of the cash account in the accounting records is called proving cash  Businesses always proves cash at the end of a month  If the cash balance as shown in the checkbook equals the cash balance in the cash account, then cash is proved

CENTURY 21 ACCOUNTING © Thomson/South-Western 10 LESSON 4-3 MEMORANDUM FOR A CORRECTING ENTRY page 106 When an error in a journal entry has already been posted, the incorrect journal entry should be corrected with an additional journal entry A journal entry made to correct an error in the ledger is called a correcting entry The source document for a correcting entry is the memorandum

CENTURY 21 ACCOUNTING © Thomson/South-Western 11 LESSON 4-3 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, $ Memorandum No. 15. JOURNAL ENTRY TO RECORD A CORRECTING ENTRY page Source Document 3 Credit 1 Date 2 Debit

CENTURY 21 ACCOUNTING © Thomson/South-Western 12 LESSON 4-3 TERMS REVIEW proving cash correcting entry page 108