Correcting entry regarding income entries(QUESTION)
1)Contributions are made and the initial entry is a debit to regular checking account(unrestricted fund)and a credit to adult church support(income account).
2)A mortgage payment is made out of this regular checking account because there was not enough funds in the Building and Grounds checking account.(where mortgage payments are usually made out of).
3)Should there be a correcting entry; a debit to adult church support(income account)and a credit to Building and Grounds income account to reflect the actual use of the monies received? Know the answer? Face the same situation? Please post your answer or comment by using the "comment" link below. Thank you!