On December $12,2024,$ an investment in equity securities costing $$87,000$ was sold for $$114,000.$ The total of the sale proceeds was credited to the investment in equity securities account.

Required:

Prepare the journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in $2024.($Ignore income taxes.$)$

Prepare the journal entry to correct the error assuming it is not discovered until early $2025.($Ignore income taxes.$)$

Complete this question by entering your answers in the tabs below.

Prepare the journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in $2024.($Ignore income taxes.$)$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Record correction of error.

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[1,,,],[,,,]]$