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JOURNAL PAGE WITH POSTING COMPLETED PowerPoint Presentation
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JOURNAL PAGE WITH POSTING COMPLETED

JOURNAL PAGE WITH POSTING COMPLETED

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JOURNAL PAGE WITH POSTING COMPLETED

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  1. JOURNAL PAGE WITH POSTING COMPLETED Lesson 5-4, page 112

  2. MEMORANDUM FOR A CORRECTING ENTRY Lesson 5-4, page 116

  3. Advertising Expense Miscellaneous Expense JOURNAL ENTRY TO RECORD A CORRECTING ENTRY 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, $120.00. Memorandum No. 45. 1. Which accounts are affected? Advertising Expense Miscellaneous Expense Debit Normal Balance 120.00 2. How is each account classified? Advertising Expense is an expense account. Miscellaneous Expense is an expense account.  Debit Normal Balance 3. How is each classification changed? Expenses are increased. Expenses are decreased. 120.00  4. How is each amount entered in the accounts? Expense accounts increase on the debit side. Expense accounts decrease on the credit side. Lesson 5-4, page 116

  4. 2 4 3 JOURNAL ENTRY TO RECORD A CORRECTING ENTRY 1 1. Write the date. 2. Debit Advertising Expense. 3. Credit Miscellaneous Expense. 4. Write the source document number. Lesson 5-4, page 116