Prepare the journal entry to correct the error

Assignment Help Accounting Basics
Reference no: EM13881558

1.On December 12, 2013, an investment costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment account.

Required:
1. Prepare the journal entry to correct the error assuming it is discovered before the books are adjusted or closed in 2013. (Ignore income taxes.)
2. Prepare the journal entry to correct the error assuming it is not discovered until early 2014. (Ignore income taxes.)

Reference no: EM13881558

Questions Cloud

To what population does this researcher wish to generalize : To what population does this researcher wish to generalize? What is the sampling frame in this study? What type of sampling does this researcher do (be precise)? Describe the chance that each household in the sampling frame has of ending up in the sa..
Evaluate the incident where the ships xo : After viewing the Crimson Tide evaluate the incident where the ships XO relieved the CO from his command. Give your thoughts of the entire situation, could you have had the intestinal fortitude to relieve him, and what would you have done if the ship..
Edms the same as an "integrated" ehr : Is a "paperless" record achieved through EDMS the same as an "integrated" EHR, as envisioned by the IOM and supported by functional criteria from CCHIT?  Explain why or why not?
Pressure gauge connected to the bottom of the tank : A pressure gauge connected to the bottom of the tank was calibrated with the top of the tank open to the atmosphere. The calibration curve is a plot of height of oil, h(m), versus p gauge (kPa). Sketch the expected shape of this plot. What height ..
Prepare the journal entry to correct the error : The total of the sale proceeds was credited to the investment account.
What is the benefit-to-cost ratio provided efforts resulted : What is the benefit-to-cost ratio provided the efforts resulted in saving 3000 jobs valued at a total of $175 million per year?
Why is it important to define the term bullying accurately : Why is it important to define the term bullying accurately? The articles discuss the same problem. Explain the problem. Why is this a problem? Who does this problem affect? Has your definition of the term bullying changed? Why or why not? Is your d..
Overall specific gravity of the suspension : A sedimentation process is to be used to separate pulverized coal from slate. A suspension of finely divided particles of galena (lead sulfide SG = 7.44) in water is prepared. The overall specific gravity of the suspension is 1.48.
What accounts for the serial correlation : How would you distinguish between "pure'' autocorrelation and speci?- cation bias?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Rfs is considering adding a new product line home equity

rfs is considering adding a new product line home equity loans which rfs believes will make the mortgage business more

  Earn the highest operating income for the year

a. Which species should Percula raise to earn the highest operating income for the year?

  I the late 2012 the polks come to you for tax advice

in the late 2012 the polks come to you for tax advice . they are considering selling some stock investmentsfor a loss

  Undesirable incentives to management to build inventory

Explain how absorption costing could provide undesirable incentives to management to build inventory. Include in your assessment how to best set up absorption costing systems to avoid this incentive and what types of measures and controls should be..

  Chuck brown will receive from his investment cash flows of

chuck brown will receive from his investment cash flows of 3135 3450 and 3810 at the end of years 1 2 and 3

  Difference between deep space''s net operating income

Provide the following (and support ALL of your work)- c) Reconcile and explain the difference between Deep Space's Net Operating Income using variable costing and absorption costing.

  The internal revenue code

The Internal Revenue Code

  When is the trial balance prepared

When is the trial balance prepared? What does the trial balance tell you? What does the trial balance not tell you. How would you explain the purpose of the adjusted trial balance?

  What is the amount of the taxable gift for federal gift tax

Assume for 2011 that Don made one transfer involving his granddaughter as follows: Don opened a joint checking account with his granddaughter, with right of survivorship, for her college expenses.

  Wilton inc had net sales in 2014 of 1428100 at december 31

wilton inc. had net sales in 2014 of 1428100. at december 31 2014 before adjusting entries the balances in selected

  Problem related to calculators

If a calculator will sell for $42 each, the Variable Costs to produce it are $24 per unit, and the Fixed Costs per month are $39,600, then how many calculators must be sold per month to Break Even?

  This segment seems to contradict the discussion board topic

this segment seems to contradict the discussion board topic of the previous week regarding direct labor as a cost

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd