Question: 32 Cherokee Company's auditor discovered some errors No errors were corrected during 2020. The effort to be as follow (1) Beginning inventory on January 1,

32 Cherokee Company's auditor discovered some errors No errors were corrected during 2020. The effort to be as follow (1) Beginning inventory on January 1, 2020, was understated by 55.000 (2) A two-year insurance policy purchased on April 30, 2020, in the amount of $24.600 was debited to Prince No adjustment was made on December 31, 2020, or on December 31, 2021 9 bons 2 02:45.00 Required: Prepare appropriate journal entries (assume the 2021 books have not been closed). Ignore income taxes of nownty is required for a transaction/event, select "No journal entry required in the first account field) View transaction ist Journal entry worksheet 2 1 S Beginning inventory on January 1, 2020, was understated by $5,000 Note: Entier debits before credits Debit Credit General Journal Transaction 1 Tem the first account field.) View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Johnson Company receives royalties on a patent it developed several years ago. Royalties are 5% of net sales, to be received on September 30 for sales from January through June and receivable on...

Cherokee Company's auditor discovered some errors. No errors were corrected during 2020. The errors are described as follows: (1) Beginning inventory on January 1, 2020, was understated by $5,000....

Etna Company's auditor discovered some errors. No errors were corrected during 2 0 2 0 . The errors are described as follows: Beginning inventory on January 1 , 2 0 2 0 , was understated by $ 5 , 0 0...

Can you please explain and show me how to do it? Thank you Macintosh Inc. changed from LIFO to the FIFO Inventory costing method on January 1, 2021. Inventory values at the end of each year since the...

solve both parts Hele Lindy Company's auditor discovered two errors. No errors were corrected during 2020. The errors are described as follow (1) Merchandise costing $3,500 was sold to a customer for...

Cherokee Company's auditor discovered some errors. No errors were corrected during 2017. The errors are described as follows: (1.) Beginning inventory on January 1, 2017, was understated by $5,000....

Cherokee Company's auditor discovered some errors. No errors were corrected during 2017. The errors are described as follows . (1.) Beginning Inventory on January 1, 2017, was understated by $5,000 ....

Which of these purchases would qualify as a PMSI in consumer goods? Paul Barton owned a small property-management company, doing business as Brighton Homes. In October, Barton went on a spending...

A bevel pinion and shaft are shown in Figure 7.1 below. Bearing A takes thrust. The left end of the shaft is coupled to an electric motor, and the right end is free. Load components applied by the...

2. How can information based on past transactions be used to predict future cash flows?

give rationale why mann whitney test best statistical test for this case : Do significant differences exist between husbands and wives regarding holiday depression? There is an ordinal measure of...

What do you think of the MBO program developed by Drucker?

What is long-term care insurance? Do you think this is a useful tool? Would you buy it?

Select one of the allied health profession jobs and explain your choice.