Adjusting and correcting journal entries as of 12-31-17 (fiscal year year)

2 May 1,2017. nce Expense of $120,000 is for a one year insurance policy purchased on D. Depreciation on the Building is on the straight line basis. During account analysis it was discovered that the bookkeeper forgot to record $50,000 depreciation in 2014. ation on the Equipment is on the straight line basis and was correctly recorded by the bookkeeper F. The Common Stock has a $10 par value and there are no treasury shares. 400,000 shares are authorized. A $40,000 dividend was declared and paid during the year. G. Sales are primarily made on a trade account basis, with no prompt payment discount tsuch as 2/10. n/30) offered. Ordinarily, inventory items are delivered on an fo.b. shipping point basis. to its running shoe segment on January 2, 2017 The company no longer has any involvement in this type of business. The Loss on Sale was $500,000 I. The note payable has 5% interest. Only the interest is payable monthly and the principal of S500,000 is due July 31, 2020. J. The Company started selling Gift Cards at the beginning of 2017. The gift cards are stored valued cards that have no expiration dates or service charge fees. The gift cards may be redeemed for any product in any Green Dog retail outlet. A total of $820,000 gift cards were sold and at year end $90,000 were outstanding (not redeemed yet). K. The income tax rate for all fiscal year ends since 12-31-00 has been 25%. 2 May 1,2017. nce Expense of $120,000 is for a one year insurance policy purchased on D. Depreciation on the Building is on the straight line basis. During account analysis it was discovered that the bookkeeper forgot to record $50,000 depreciation in 2014. ation on the Equipment is on the straight line basis and was correctly recorded by the bookkeeper F. The Common Stock has a $10 par value and there are no treasury shares. 400,000 shares are authorized. A $40,000 dividend was declared and paid during the year. G. Sales are primarily made on a trade account basis, with no prompt payment discount tsuch as 2/10. n/30) offered. Ordinarily, inventory items are delivered on an fo.b. shipping point basis. to its running shoe segment on January 2, 2017 The company no longer has any involvement in this type of business. The Loss on Sale was $500,000 I. The note payable has 5% interest. Only the interest is payable monthly and the principal of S500,000 is due July 31, 2020. J. The Company started selling Gift Cards at the beginning of 2017. The gift cards are stored valued cards that have no expiration dates or service charge fees. The gift cards may be redeemed for any product in any Green Dog retail outlet. A total of $820,000 gift cards were sold and at year end $90,000 were outstanding (not redeemed yet). K. The income tax rate for all fiscal year ends since 12-31-00 has been 25%