On December 12, 2021, an investment in equity securities costing $82,000 was sold for $104,000. The...

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On December 12, 2021, an investment in equity securities costing $82,000 was sold for $104,000. 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 2021. (Ignore income taxes.) 2. Prepare the journal entry to correct the error assuming it is not discovered until early 2022. (Ignore income taxes.) Required 1 Required 2 Prepare the journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in 2021. (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 <> Record correction of error. Required 1 Required 2 Prepare the journal entry to correct the error assuming it is not discovered until early 2022. (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 On December 12, 2021, an investment in equity securities costing $82,000 was sold for $104,000. 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 2021. (Ignore income taxes.) 2. Prepare the journal entry to correct the error assuming it is not discovered until early 2022. (Ignore income taxes.) Required 1 Required 2 Prepare the journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in 2021. (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 <> Record correction of error. Required 1 Required 2 Prepare the journal entry to correct the error assuming it is not discovered until early 2022. (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

Answer rating: 100% (QA)

Answer Correction entry BEFORE books are closed for December 12 2021 Account Tit... View the full answer