Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
capacitantes #6. El estudiante registrar correcciones de errores contables. (Shows computations and references are required) Lind Company's auditor discovered two errors. No errors were corrected
capacitantes #6. El estudiante registrar correcciones de errores contables. (Shows computations and references are required) Lind Company's auditor discovered two errors. No errors were corrected during 2017. The errors are described as follows: (1) Merchandise costing $4,000 was sold to a customer for $9,000 on December 31, 2017, but it was recorded as a sale on January 2, 2018. The merchandise was properly excluded from the 2014 ending inventory. Assume the periodic inventory system is u (2) A machine with a 5-year life was purchased on January 1. 2016. The machine cost $20,000 and has no expected salvage value. No depreciation was taken in 2016 or 2017. Assume the straight-line method for depreciation. Required: Prepare appropriate journal entries (ssume the 2017 books have not been closed). Ignore income taxes. DEBIT CREDIT
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started