Response to the following problem:
1. What is a correcting entry?
2. When is a correcting entry necessary?
3. When an amount is journalized and posted as a debit to an incorrect expense account, why is the amount of the correcting entry debited to the correct expense account?
4. When an amount is journalized and posted as a debit to an incorrect expense account, why is the amount of the correcting entry credited to the incorrect expense account?