Make an adjusting enrty for the given balance

Reference no: EM13259606

Make an adjusting enrty for the following. This is unadjusted TB

Land 360,050 (DR)
Gain on land appraisal 80,000 (CR)
Sales 634,400 (CR)
AR 97,080 (DR)

The info we have is: land balance includes(a) half used foroperations,(b) hakf held for futre plant. The balance recorded at its appraised value of 360,050 contains 80,000 excess over cost attributable to land used for operations.
The book keeper incorrectly credited sales for a recipt onaccount for 4000.This error had not been corrected on Dec 31 (BSdate)

Not sure what will be the adjusting entry.

Reference no: EM13259606

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