Question
The following information relates to error analysis for items 21, 22, 23 and 24. Golden Rams Company (GRC) discovered the following errors for the year
The following information relates to error analysis for items 21, 22, 23 and 24.
Golden Rams Company (GRC) discovered the following errors for the year ending December 31, 2020. Assume that the books are still open.
What journal entry is needed to correct the following errors?
GRC did not record depreciation of $50,000 for the year 2018 on factory equipment.
Question 21 options:
|
| Debit: Depreciation Expense- -$50,000; Credit: Accumulated Depreciation- -$50,000. |
|
| Debit: Retained Earnings- -$50,000; Credit: Accumulated Depreciation- - $50,000. |
|
| Debit: Accumulated Depreciation- -$50,000; Credit: Retained Earnings- -$50,000. |
|
| No journal entry needed. |
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Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
5th edition
9780470418239, 470239808, 9780470239803, 470418230, 978-1118128169
