Error Correction, Self-correcting Error, after Books Closed. Using the data from BE21-10 for Wilson Incorporated, assume now
Question:
In BE21-10
Wilson Incorporated acquired a leather-cutting machine for $ 200,000 on December 31, 2015. The general accountant incorrectly coded the invoice as Miscellaneous Expense. The general accountant discovered the error in 2015 before the books were closed. The transaction was correctly recorded for tax purposes and all taxes were paid. Prepare the correcting entry for this transaction.
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In this case the miscellaneous expense was already ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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