Current liability misclassified as a current asset
The previous bookkeeper at the company I work for misclassified the amount of a year-long advertising conract into the "prepaid expenses" current asset account. I thought I could just move the balance of the contract to a new account that is a current liability. This created a negative balance however. So I was wondering how I can move an account balance from current asset to current liability to correct the financial statements/books for 2012?
