16. On March 17, 2023, the bookkeeper of GIFT Inc. noticed that she made an error...

 

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16. On March 17, 2023, the bookkeeper of GIFT Inc. noticed that she made an error when recording a $44,000 capital expenditure in the prior fiscal year. She posted the amount to the repairs and maintenance expense account instead of posting to the equipment account. Write the journal entry that should be recorded to correct the equipment account. Ignore the impact of depreciation. Assume the tax rate is 30%. (SHOW YOUR CALCULATIONS). Date Account Title and Explanation Debit Credit 16. On March 17, 2023, the bookkeeper of GIFT Inc. noticed that she made an error when recording a $44,000 capital expenditure in the prior fiscal year. She posted the amount to the repairs and maintenance expense account instead of posting to the equipment account. Write the journal entry that should be recorded to correct the equipment account. Ignore the impact of depreciation. Assume the tax rate is 30%. (SHOW YOUR CALCULATIONS). Date Account Title and Explanation Debit Credit

Answer rating: 100% (QA)

To correct the error and properly record the 44000 capital ex... View the full answer