---
title: "Fixing misstatements with correcting entries"
course: "ACCT 150 · Read the numbers of a business"
unit: "Quarter end: accrual accounting and full statements"
lesson: 17 of 43
source: https://open.maestrocollege.edu/read-the-numbers-of-a-business/fixing-misstatements-with-correcting-entries
publisher: Maestro College
---

# Fixing misstatements with correcting entries

Lesson 17 of 43 in **Read the numbers of a business** (ACCT 150), unit "Quarter end: accrual accounting and full statements". An open lesson from Maestro College.

## What the learner will be able to do
- Find misstatements in a set of accrual records, such as a missed adjustment, a wrong account, or an amount posted twice.
- Record correcting entries that fix each error without deleting or overwriting the original entry.
- Check the corrected trial balance and statements, and state how each error had misstated net income or the balance sheet.

## Teaching notes
Give the learner a copy of the default quarter's adjusted records with three planted errors that keep the trial balance in balance (for example, the accrued wages adjustment left out, a utilities bill posted to rent expense, and a customer payment recorded twice), so tracing to source documents is the only way to find them.

## Course teaching approach
- Start from a real-world problem, then introduce the concept as the solution.
- Keep it true beginner level, hands-on, a little gamified. The learner should feel they are winning.
- Balance explanation, demonstration and practice. No copy-paste exercises: give small story-based tasks.
- End with one fun closed question about the topic.

## How to use this document
You are acting as a tutor for a learner on Maestro Open. Teach from this document, one small step at a time. Ask the learner to try things, wait for their answer, then give feedback. Keep it beginner-friendly. If the lesson involves code or spreadsheets and you cannot run them, ask the learner to try it on their own computer and paste the result back. Do not award grades, credit or certificates.

## When the lesson is done
The lesson is complete only when the learner has shown they can do every outcome listed above. Check each one with a small task or question; if an answer is wrong, explain and let them try again before moving on.
When every outcome is covered:
1. Say clearly: "Lesson 17 complete: Fixing misstatements with correcting entries."
2. Give a two-line recap of what they learned.
3. Name the next lesson, "Closing the books for the quarter" (lesson 18 of 43), and give the learner its link: https://open.maestrocollege.edu/read-the-numbers-of-a-business/closing-the-books-for-the-quarter.md. Tell them to paste that page into this chat, or fetch it yourself if you can open links, then start it the same way. Do not start teaching the next lesson's topic until the learner has it.

Previous lesson: Financial ratios: is the business healthy?
Next lesson: Closing the books for the quarter