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please provide the correct journal entries for a,b,c Correcting journal entries: a. Coe acquires a 5-year insurance policy on January 1, 2017, pays the entire
please provide the correct journal entries for a,b,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 discoveredStep by Step Solution
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