Could someone please just answer e.

4. 25 pts Bonn Company has made some accounting errors, all discovered before the books were closed in 2020. The correction for each is required, but I included a recommended worksheet to solve. a. A machine was purchased for $50,000 with cash in January 2019. It was charged to Repair Expense. The machine has a five year life and a salvage value of $10,000. Bonn uses straight line depreciation. No depreciation has been recorded in 2020. Correction in 2020 Account and Explanation Credit Debit Credit What they did in 2019 and 2020 What they should have done 2019 Account and Explanation Debit Credit Account and Explanation Debit Repairs Expense 50,000 Machinery 50,000 Cash 50,000 Cash (Entry for Machine purchased booked under repairs) (Entry for Machine Purchased) Depreciation Expense 8,000 Accumulated Depreciation (Entry for Depreciation for 2019) Depreciation Expense 8,000 Accumulated Depreciation (Entry for Depreciation for 2020) 50,000 Machinery 50,000 Repairs Expense 50,000 (Entry for Machine Purchased wrongly recorded as expenses, rectified) 8,000 8,000 b. A check was received for $21,000 for three years of rent beginning January 1, 2019. The entire amount was charged to Rent Revenue. The check was received January 3, 2019. What they did in 2019 and 2020 What they should have done 2019 and 2020 Correction in 2020 Account and Explanation Debit Credit Account and Explanation Debit Credit Account and Explanation Debit Credit Cash 21,000 Cash 21,000 Rent Revenue 14,000 Rent Revenue 21,000 Rent Revenue 7,000 Unearned Rent 14,000 (Entry for check recorded for rent for 3 years) Unearned Rent 14,000 (Entry for Rent Revenue recorded in advance recorded as unearned revenue) (Entry for Rent Income for the year, advance rent record credited to unearned rent) Unearned Rent 7,000 Rent Revenue 7,000 (Rent Revenue for 2020 recorded) C. On December 31, 2019, Bonn failed to accrue $15,000 of salaries. On January 2, 2020, they paid the salaries and charged them to salaries expense. Correction in 2020 Account and Explanation Debit Credit No rectification entry required in 2020 as entry made in 2020 is rectifying the error What they did in 2019 and 2020 What they should have done 2019 and 2020 Account and Explanation Debit Credit Account and Explanation Debit Credit 2019 2019 No entry recorded for salary accrual Salary Expense 15,000 Salary Payable 15,000 (Entry for unpaid Salary for 2019) 2020 2020 Salary Expense 15,000 Salary Payable 15,000 Cash 15,000 Cash 15,000 (Entry for Salary for 2019 paid in 2020 recorded (Entry for Salary for 2019 paid) as expenses) d. Bonn had sales on account in 2019 resulting in accounts receivable never to be collected of $12,000. In 2019, they wrote of to bad debt expense and accounts receivable $5,000. They did the same in 2020 for $3,000. What they did in 2019 and 2020 What they should have done 2019 and 2020 Correction in 2020 Account and Explanation Debit Credit Account and Explanation Debit Credit Account and Explanation Debit Credit 2019 2019 2020 Accounts Receivable 12,000 Accounts Receivable 12,000 Bad Debts 4,000 Sales 12,000 Sales 12,000 Accounts Receivable 4,000 (Entry for Sales on account) (Entry for Sales on Account) (Entry for remaining amount under uncollectible account 2019 2019 receivable written off) Bad Debts 5,000 Bad Debts 12,000 Accounts Receivable 5,000 Accounts Receivable 12,000 (Entry for Bad Debts) (Entry for Bad Debts for accounts receivable will 2020 never be collected) Bad Debts 3,000 Accounts Receivable 3,000 (Entry for Bad Debts) e. Inventory purchased for $16,000 in 2019 was correctly recorded as a purchase of inventory and later charged to Cost of Goods Sold but was omitted from the ending inventory count as it was out on consignment and forgotten. The error was discovered early in 2020 when it was sold and charged to cost of goods sold and inventory. Hint: Prepare a partial periodic inventory calculation for the two years. What they did in 2019 What they should have done 2019 Correction in 2020