Question: Lindy Company's auditor discovered two errors. No errors were corrected during 2017. The errors are described as follows: (1.) Merchandise costing $4,800 was sold to

Lindy Company's auditor discovered two errors. No errors were corrected during 2017. The errors are described as follows: (1.) Merchandise costing $4,800 was

Lindy Company's auditor discovered two errors. No errors were corrected during 2017. The errors are described as follows: (1.) Merchandise costing $4,800 was sold to a customer for $9,800 on December 31, 2017, but it was recorded as a sale on January 2. 2018. The merchandise was properly excluded from the 2017 ending inventory. Assume the periodic inventory system is used. (2.) A machine with a five-year life was purchased on January 1, 2017. The machine cost $28,000 and has no expected salvage value. No depreciation was taken in 2017 or 2018. Assume the straight-line method for depreciation. Required: Prepare appropriate journal entries (assume the 2018 books have not been closed). Ignore income taxes. (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 Merchandise costing $4,800 was sold to a customer for $9,800 on December 31, 2017, but it was recorded as a sale on January 2, 2018. The merchandise was properly excluded from the 2017 ending inventory. Assume the periodic inventory system is used. Note: Enter debits before credits. Transaction General Journal Debit Credit (1) Record entry Clear entry View general journal View transaction list Journal entry worksheet N A machine with a five-year life was purchased on January 1, 2017. The machine cost $28,000 and has no expected salvage value. No depreciation was taken in 2017 or 2018. Assume the straight-line method for depreciation. Note: Enter debits before credits. General Journal Debit Credit Transaction (2) Record entry Clear entry View general journal

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!

Lindy Company's auditor discovered two errors. No errors were corrected during 2 0 2 3 . The errors are described as follows: Merchandise costing $ 3 , 7 0 0 was sold to a customer for $ 8 , 7 0 0 on...

(11 points) Entity A has been using the double-declining balance depreciation method to depreciate some office equipment that was acquired at the beginning of 2014. At the beginning of 2016, Entity A...

Lindy Company's auditor discovered two errors. No errors were corrected during 2 0 2 3 . The errors are described as follows: Merchandise costing $ 4 , 4 0 0 was sold to a customer for $ 9 , 4 0 0 on...

Lindy Company's auditor discovered two errors. No errors were corrected during 2 0 2 3 . The errors are described as follows: Merchandise costing $ 3 , 1 0 0 was sold to a customer for $ 8 , 1 0 0 on...

Lindy Company's auditor discovered two errors. No errors were corrected during 2015. The errors are described as follows: Merchandise costing $3,000 was sold to a customer for $8,000 on December 31,...

Lindy Company's auditor discovered two errors. No errors were corrected during 2010. The errors are described as follows: Merchandise costing $4,000 was sold to a customer for $9,000 on December 31,...

Lindy Company's auditor discovered several errors. No errors were corrected during 2020. The errors are described as follows: Merchandise costing $3,000.00 was sold to a customer for $6,750.00 on...

Lindy Company's auditor discovered two errors. No errors were corrected during 2017. The errors are described as follows: (1.) Merchandise costing $3,100 was sold to a customer for $8,100 on December...

1. On February 2, 2011, MBH Inc. acquired 30% of the voting common stock of Construction Corporation as a long-term investment. Data from Construction Corporation's financial statements for the year...

2-48. Four products are processed sequentially on three machines. The following table gives the pertinent data of the problem. Machine 1 123 2 3 Unit selling price ($) Cost per hr ($) 10 5 4...

How do you solve trigonometric equations?

Walmart is in the process of evaluating a project that has an IRR of 1 3 . 2 8 % and MPV of $ 1 4 0 8 and a payback period of 2 . 7 6 years. What is the assumption can be made about the situation

9. (15 points) A company is considering a new project that requires an investment of \$5 million. The project is expected to generate cash flows of $2 million in year 1,$3 million in year 2, and $4...

Do you have experience with group conflict, as either a group member or leader? If so, how was this conflict handled? Did conflict strengthen or weaken the communication between group members?

IV. How should we market this new Web site? A. Discuss the focus of the marketing campaign: Whats the message? B. Brainstorm how to get the message out C. Distill list of ideas; assign roles

Consider the six steps to problem solving weve just discussed. If Susan, the leader of EcoCrew, had chosen a different leadership style, would this have affected how the problem-solving steps were...