1 Orion Company has made some accounting errors, all discovered before the books were closed in 2022 2 The correction for each is required, but included a recommended worksheet to solve M N o P 4 Amachine was purchased for 550,000 with cash in January 2019. it was charged to Repair Expense. The machine has a five year life 5 anda salvage value of $10,000. Bonn uses straight line depreciation. No depreciation has been recorded in 2019, 2020, 2021 and 2022 6 7 8 What they did in 2013 What they should have done 2019, 2020, and 2021 Correction in 2022 10 11 12 13 14 15 16 A check was received for $21,000 for three years of rent beginning January 1, 2021. The entire amount was charged to Rent Revenue, 17 The check was received lanuary 3, 2021 16 19 What they did in 2021 What they should have done 2021 and 2022 20 Correction in 2022 21 22 27 On December 31, 2021, Bonn failed to accrue $15,000 of salaries. On January 2, 2022, they paid the salaries and charged them to salaries expense. 28 29 What they did in 2021 and 2022 What they should have done 2021 and 2022 Correction in 2022 30 31 32 33 34 35 36 32 Bonn had sales on account in 2020 resulting in accounts receivable nover to be collected of $12,000. In 2020, they wrote off to bad debt expense 38 and accounts receivable $5,000. They did the same in 2021 for $3,000 39 40 What they did in 2020 and 2021 What they should have done 2020 and 2021 Correction in 2022 41 42