Question
On December 12, 2016, an investment costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment account. Required:
On December 12, 2016, an investment costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment account. |
Required: |
1. | Prepare the journal entry to correct the error assuming it is discovered before the books are adjusted or closed in 2016. (Ignore income taxes.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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