Question
You have been assigned to examine the financial statement of SPD Company for the year 2015. You discovered the following situations : a. In October,
You have been assigned to examine the financial statement of SPD Company for the year 2015. You discovered the following situations :
a. In October, 2013 the company sold goods $4,600 on credit. This revenue was mistakenly recorded as debit cash and credit sales $6,400 (All cash received in 2014).
b. On Dec 31, 2014 the company forgot to adjust accrued interest $1,200 from notes payable. (Interest Expense was recorded when it paid during 2015).
Required : (Ignore income tax consideration)
Prepare adjusting or correcting entries on December 31, 2015:
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Accounting For Governments From Budget To Audit How Governments Plan Raise Spend And Then Account For Their Use Of Citizens Money In The 21st Century
Authors: Michael Parry, Jesse Hughes
1st Edition
1092763112, 978-1092763110
