Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need the correct j/e for a b and c Correcting journal entries: a. Coe acquires a 5-year insurance policy on January 1, 2017, pays

image text in transcribedi need the correct j/e for a b and c

Correcting journal entries: a. Coe acquires a 5-year insurance policy on January 1, 2017, pays the entire $500 premium, and debits insurance expense in 2017 for the entire amount. In 2018, after the books for 2017 are closed, Coe discovers the error. Prepare the 2018 entry required when the error is discovered b. Coe company purchases $2,000 of inventory in 2017 but records the purchase in 2018 when paid. Coe did not include the goods in the 2017 inventory although they were on hand at 12/31/2017. The ending inventory balance was correct in 2018. Prepare the 2018 entry required when the error is discovered c. On January 1, 2017, Coe pays $500 for ordinary repairs and debits the machinery account. Depreciation is 10% per year and was recorded in 2017. Coe discovers the error in 2018 after the books for 2017 are closed. Prepare the 2018 entry required when the error was discovered

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Safety Health And Environmental Auditing A Practical Guide

Authors: Simon Watson Pain

1st Edition

1439829470, 978-1439829479

More Books

Students also viewed these Accounting questions