3. JOURNAL ENTRY TO RECORD A CORRECTING ENTRY Lesson 5-3, page 110 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 4. How is each amount entered in the accounts? Expense accounts increase on the debit side. Expense accounts decrease on the credit side. 3. How is each classification changed? Expenses are increased. Expenses are decreased. 2. How is each account classified? Advertising Expense is an expense account. Miscellaneous Expense is an expense account. Debit Normal Balance Debit Normal Balance 120.00 120.00 Miscellaneous Expense Advertising Expense
4. JOURNAL ENTRY TO RECORD A CORRECTING ENTRY 3. Credit Miscellaneous Expense. 1. Write the date. 4. Write the source document number. 2. Debit Advertising Expense. 1 3 4 2 Lesson 5-3, page 110
