Judi,
I guess the question is "correct" for what purpose?

There are certain societies, publishers, etc who specify quite precisely how sources are to be defined and citations provided.
But assuming that one is simply referring to one's own records, then I think there is a simple fundamental principle (and it is the one I try to follow).
My fundamental principle in recording sources and detailed citations is that what I record should enable any future researcher (and probably more importantly myself if I look at it in future!!) who looks at my data to be able to be crystal clear where I found it and, from that, to then be able to find it for him/herself in that same source in order to check it out.
You can imagine that such a counsel of perfection is one where I often fall far short

I have a booklet called "Evidence! Citation & Analysis for the Family Historian" by Elizabeth Shown Mills (published 1997). It gives certain advice for citing information from FamilySearch. I'm afraid I don't follow it ...
One day (hmmm!) I'll go through all my repositories, sources and citations and try to make them consistent etc (fortunately I do know that if I just change one repository/source I can ensure that the change will follow on to identical others unless I choose otherwise).
At present I list the main source as the IGI. I then list in the detailed citation details of the year and place of the event, the batch number, the FHL Film number, and a parenthesis that it came from FamilySearch (if that was the case - I still have some IGI records from fiche). In the memo field in my program, I state the details of the entry e.g. IGI lists Joe BLOGGS, parents Bert BLOGGS and Jane DOE.
For submitted entries, at present I still list the main source as the IGI, but then in the detailed citation I just insert "LDS patron entry" - while still listing further details in the memo field. I might change my mind about this in future and insert the number of the submitted batch.
Regards,
JAP