read the instructions from a-f

all i need is journal entries for the letter F

which there is f1 and f2 needed

f1-record the adjustment needed to correct the sale od equipment

f2-prepare the adjustment needed to correct interest relatee to the note

The following are independent errors made by a company that uses the periodic inventory system: a. Goods in transit, purchased on credit and shipped FOB destination, $10,000, were included in purchases but not in the physical count of endi inventory. b. Purchase of a machine for $2,000 was expensed. The machine has a 4-year life, no residual value, and straightline depreciation is used. c. Wages payable of $2,000 were not accrued d. Payment of next year's rent, $4,000, was recorded as rent expense. e. Allowance for doubtful accounts of $5,000 was not recorded. The company normally uses the aging method. 1. Equipment with a book value of $70,000 and a fair value of $100,000 was sold at the beginning of the year. A 2-year, non-interest-bearing note for $129,960 was received and recorded at its face value, and a gain of $59,960 was recognized. No interest revenue was recorded and 14% is a fair rate of interest. Required: 1. Next Level indicale the effect of each of the preceding errors on the company's assets, Nabuities, shareholders'equibs and not income in the year in which the error occurs. State whether the error causes an overstatement (t), an understatement (), or no affect (NE). Required: 1. Next Level Indicate the effect of each of the preceding errors on the company's assets, Fabilities, shareholders'equity, and net income in the yoar in which the error occurs. State whether the error causes an overstatement (t), an understatement (), or no effect (NE). 2. Prepare the correcting joumal entry or entries required at the beginning of the year for each of the preceding errors, assuming the company discovers the error in the year after it was made. Ignore income taxes. f(1). Record the adjustment needed to correct the sale of equipment. General Joumal instructions How does grading mork? A 2-year, non-interest-bearing note for $129,960 was received and recorded at its face value, and a gain of $59,960 was recognized. You have enough Information to calculate the interest without PV tables by comparing the fair value of the equipment to the face value of the note, or by fixing the amount of the gain. Assume this entry was made: f (2). Prepare the adjustment needed to correct interest related to the note. General Joumal instructions How does grading work