On December 12, 2024, an Investment in equity securities costing $80,000 was sold for $100,000. The...

 

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On December 12, 2024, an Investment in equity securities costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment in equity securities account. Required: 1. Prepare the journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in 2024. (Ignore Income taxes.) 2. Prepare the journal entry to correct the error assuming it is not discovered until early 2025. (Ignore Income taxes.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in 2024. (Ignore income taxes.) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record correction of error. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal On December 12, 2024, an Investment in equity securities costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment in equity securities account. Required: 1. Prepare the journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in 2024. (Ignore Income taxes.) 2. Prepare the journal entry to correct the error assuming it is not discovered until early 2025. (Ignore Income taxes.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in 2024. (Ignore income taxes.) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record correction of error. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal