When DeSoto Water Works purchased a equipment at the end of 2020 at a cost of...
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When DeSoto Water Works purchased a equipment at the end of 2020 at a cost of $73,000, the company debited Buildings and credited Cash $73,000. The error was discovered in 2021. Prepare the journal entry DeSoto will use to correct the error. (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 1 > Record entry to correct error. Note: Enter debits before credits. Event General Journal Debit Credit 1 When DeSoto Water Works purchased a equipment at the end of 2020 at a cost of $73,000, the company debited Buildings and credited Cash $73,000. The error was discovered in 2021. Prepare the journal entry DeSoto will use to correct the error. (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 1 > Record entry to correct error. Note: Enter debits before credits. Event General Journal Debit Credit 1
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Answer rating: 100% (QA)
The accounting error involved is an error of commission The correct ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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