Question: 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

solve both parts
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

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 $8.500 on December 31, 2020, but it was recorded as a sole on January 2 2021. The merchandise was properly excluded from the 2020 ending inventory. Assume the periodic inventory system is used (2) A machine with a four-year life was purchased on January 1, 2020. The machine cost $15,000 and has no expected salvege value No depreciation was taken in 2020 or 2021. Assume the straight-line method for depreciation Required: Prepare appropriate journal entries (assume the 2021 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

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!