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In 2020, a company sold land that originally cost 50 and received 40 cash. Instead of the correct journal entry (that should include recognizing a
In 2020, a company sold land that originally cost 50 and received 40 cash. Instead of the correct journal entry (that should include recognizing a gain or loss as appropriate) the bookkeeper entered the following: Land 10 Cash 10 Prepare the entry to fix the effects of this error assuming the mistake was not discovered until 2021. You can ignore tax effects. ONLY PUT YOUR FINAL ANSWER IN THE SPACES. Do not put in any work or any journal entries you may have worked through to get to the final answer. Only your final answer. Anything you place in the text box I am going to assume is part of your final answer and will grade it as such
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