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.)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (15 reviews)
1 Error discovered before the books are adjuste...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Question Posted:
Students also viewed these Accounting questions
-
Berwick Pty Ltd manufactures a product with the following standard costs: Direct materials: 40 metres @ $2.7 per metre $108 Direct labour: 8 hours @ $18 per hour $144 Total standard prime cost per...
-
SOLVE WITH 4 STEP PROCESS - Prepare a journal entry to correct any balances. - Retrospectively restate prior years financial statements that were incorrect. - Report correction as a prior period...
-
Journal entry to correct recording error In the fiscal year ended December 31, 2008, Bostick Enterprises paid $120,000 for equipment, which it had purchased on January 1, 2008 The equipment has an...
-
World Information Group has two major divisions: print and Internet. Summary financial data (in millions) for 2011 and 2012 are: The annual bonuses of the two division managers are based on division...
-
A help desk devoted to student software problems also receives phone calls. The number of persons that can be served in person, within one hour, is the response y. The predictor variable, x, is the...
-
Lee, Brad, and Rick form the LBR Partnership on January 1 of the current year. In return for a 25% interest, Lee transfers property (basis of $15,000, fair market value of $17,500) subject to a...
-
Information from the records of Smart Systems Pty Ltd for the year ended 30 June 2025 is given below. Required Calculate the cost of work in process inventory on 1 July 2024. Factory overhead, 200%...
-
Lindas Foods produces frozen meals that it sells for $ 6 each. The company computes a new monthly fixed manufacturing overhead rate based on the planned number of meals to be produced that month. All...
-
Total fixed costs are $32,200 for Cullumber Inc. It has a unit contribution margin of $19 and a contribution margin ratio of 35%. Compute the break-even point in sales dollars. Break-even point in...
-
Sum is a 100%-owned subsidiary of a U.S. corporation. The country in which Sum is located has been determined to have a highly inflationary economy. Given this information, the functional currency of...
-
During 2013, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts: 2011 . understated by . $120,000 2012 . overstated by...
-
At the end of 2012, Majors Furniture Company failed to accrue $61,000 of interest expense that accrued during the last five months of 2012 on bonds payable. The bonds mature in 2024. The discount on...
-
Go online and search for examples of IT projects that have been successful, as well as those that have failed. Make a list of the different factors that seem to influence the outcome of these...
-
On your own or with a classmate, choose one of the following goods or services. Decide whether you want to market it as a consumer product or a business product. Now create a brand name to convey the...
-
Classify each of the following business-to-consumer (B2C) and business-to-business (B2B) goods and services. Then choose one and describe how it could be classified as both. a. Runner's World or...
-
A $100 \mathrm{~kg}$ man is preparing to spend the day on a dive. If we can approximate the man as a cylinder, $2 \mathrm{~m}$ long and $0.2 \mathrm{~m}$ in radius, how much weight must he carry to...
-
A steel cable holds a $250 \mathrm{~kg}$ tank below the surface of saltwater. If the volume of water displaced by the tank is $0.2 \mathrm{~m}^{3}$, what is the tension in the cable? Assume the...
-
An open rectangular tank, $0.5 \mathrm{~m}$ wide and $1 \mathrm{~m}$ long, contains water to a depth of $1 \mathrm{~m}$. If the height of the tank is $1.25 \mathrm{~m}$, what is the maximum...
-
In Problems 7782, discuss the validity of each statement. If the statement is always true, explain why. If not, give a counterexample. If f is a function that is continuous on the open interval (0,...
-
Assessing simultaneous changes in CVP relationships Braun Corporation sells hammocks; variable costs are $75 each, and the hammocks are sold for $125 each. Braun incurs $240,000 of fixed operating...
-
How do experts expect the Internet of Things to transform the marketing research industry?
-
Smithson Mining operates a silver mine in Nevada. Acquisition, exploration, and development costs totaled $5.6 million. After the silver is extracted in approximately five years, Smithson is...
-
Refer to the situation described in BE 10-4. What is the carrying value of the asset retirement liability at the end of one year? Assuming that the actual restoration costs incurred after extraction...
-
Refer to the situation described in BE 10-4. What is the carrying value of the asset retirement liability at the end of one year? Assuming that the actual restoration costs incurred after extraction...
-
can anyone let me know what the capital and non-capital purchases would be from the cash book records Ben's Bookkeeping Cash Receipts Journal GST Other receipts Date Rec no. Particulars Bank...
-
When assessing a foreign country, market managers have to evaluate how feasible it is to target the market. What are marketing model drivers and enabling conditions? Briefly explain using the example.
-
The firm is looking to invest (in Year 0) in the design and development of an e-bike docking station for which a Return on Investment (ROI) of 30% is desired by the firm which anticipates an annual...
Study smarter with the SolutionInn App