On December 12, 2024, an investment in equity securities costing $80,000 was sold for $100,000. The total
Question:
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.)
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1 Error discovered before the books are adjusted or closed in ...View the full answer
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