CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 6-4 Finding and Correcting Errors on the Work Sheet  Finding and correcting errors.

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Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 6-4 Finding and Correcting Errors on the Work Sheet  Finding and correcting errors on a work sheet  Checking for errors in journal entries  Preventing errors

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Competency: Understanding the Accounting Cycle for a Service Business 2 LESSON 6-4 Objectives: 43 Prepare a trial balance 44 Plan end of period adjustments using a work sheet 48 Analyze the differences between net income and net loss

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 6-4 CORRECTING AN ERROR IN POSTING TO THE WRONG ACCOUNT page Draw a line through the entire incorrect entry. Recalculate the account balance and correct the work sheet. 2 Correct entry 1 Incorrect entry 2.Record the posting in the correct account. Recalculate the account balance, and correct the work sheet.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 6-4 CORRECTING AN INCORRECT AMOUNT page 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, and correct the account balance on the work sheet.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON CORRECTING AN AMOUNT POSTED TO THE WRONG COLUMN 546 page Recalculate the account balance, and correct the work sheet. 5.Record the posting in the correct amount column. 4.Draw a line through the incorrect item in the account.