The before$-$tax income for Sheridan Corp. for $2022$ was $$118,200$; for $2023,$ it was $$78,400.$ However, the accountant noted that the

following errors had been made:

Sales for $2022$ included $$38,500$ that had been received in cash during $2022,$ but for which the related products were

delivered in $2023.$ Title did not pass to the purchaser until $2023.$

Ending inventory on December $31,2022,$ was understated by $$8,720.$ The December $31,2023$ ending inventory has not yet

been adjusted to the Inventory account. Assume that Sheridan has a periodic inventory system and that no adjustment has

been made to the opening balance of the Inventory account.

The bookkeeper, in recording interest expense for both $2022$ and $2023$ on bonds payable, made the following entry each

year:

Interest Expense $,15,000$

Cash

$15,000$

The bonds have a face value of $$300,000$ and pay a stated interest rate of $5\%.$ They were issued at a discount of $$15,000$ on

January $1,2022,$ to yield an effective interest rate of $6\%.($Use the effective interest method.$)$

Ordinary repairs to equipment had been charged in error to the Equipment account during $2022$ and $2023.$ In total, repairs

in the amount of $$9\mathrm{.}500$ in $2022$ and $$9\mathrm{.}300$ in $2023$ were charged in this way. The company uses the declining$-$balance

method and applies a rate of $10\%$ in determining its depreciation charges.

Sheridan applies IFRS.

Prepare the journal entries that the company's accountant would prepare in $2023,$ assuming the errors are discovered while the $2023$ books are still open. Ignore tax effects.

$1.$ to record correction to sales revenue

$2.$ to record correction of beginning inventories

$3.$ to record the $2022$ interest

to record the $2023$ interest

$4.$ to correct the $2022$ error

to adjust the $2022$ error on equipment

to correct the $2023$ error

to adjust the $2023$ error on equipment