On December 12, 2013, an investment costing $80,000 was sold for $100,000. The total of the sale
Question:
On December 12, 2013, an investment costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment account.
Required:
1. Prepare the journal entry to correct the error assuming it is discovered before the books are adjusted or closed in 2013. (Ignore income taxes.)
2. Prepare the journal entry to correct the error assuming it is not discovered until early 2014. (Ignore income taxes.)
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1 Error discovered before the books are adjuste...View the full answer
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Related Book For 
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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