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Prepare any correcting entries that are necessary

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Question

Wettlauffer Company Ltd. shows the following entries in its Equipment account for 2014. All amounts are based on historical cost.

        Equipment        
1/1
   Balance
   115,885     6/30
   Cost of equipment sold (purchased prior to 2014)
   19,780
8/10
 Purchases of equipment
 27,520    
8/12
 Freight on equipment purchased
 602    
8/25
 Installation costs
 2,322    
11/10
 Repairs
 430    

Prepare any correcting entries that are necessary. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Reference no: EM131894694

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