Cherokee companys auditor discovered some errors in 2008

Reference no: EM13451593

Cherokee Company's auditor discovered some errors in 2008 when preparing adjusting entries for 2008. Prepare the appropriate journal entries to be made in 2008 to correct these errors so that 2008 net income and retained earnings are correct.

1) A machine with a 5-year life was purchased on January 1, 2007. The machine cost $20,000 and has no expected salvage value. No depreciation was taken in 2007 or 2008. Assume the straight-line method for depreciation

2) A two-year insurance policy purchased on April 30, 2007, in the amount of $24,000 was debited to Prepaid Insurance. No adjustment was made on December 31, 2007, or on December 31, 2008.

Reference no: EM13451593

Questions Cloud

Price manufacturing assigns overhead based on machine hours : price manufacturing assigns overhead based on machine hours. the milling department logs 1800 machine hours and cutting

Select two major public relations campaigns from any three : select two major public relations campaigns from any three different organizations. prepare and submit a two to three

Customers are motivated to by products and services based : customers are motivated to by products and services based on their personnal wants and needs. research the products

Now suppose that gdp is projected to be 8 million next year : assume that the real output ro for a country is expected to be 2.4 million products.a. if the price level pl is 250 per

Cherokee companys auditor discovered some errors in 2008 : cherokee companys auditor discovered some errors in 2008 when preparing adjusting entries for 2008. prepare the

A method of estimating bad debts expense which involves a : a method of estimating bad debts expense that involves a detailed examination of outstanding accounts and their length

Develop the research hypothesis in the area of study which : create a research hypothesis in your area of study that would be answered using a chi square test of independence. list

Apocalyptica corporation is expected to pay the following : apocalyptica corporation is expected to pay the following dividends over the next four years 5.10 16.10 21.10 and 2.90.

Define it priorities and governance for it without : using a company of your choice determine the strategic business goals. develop an it strategy that aligns to the

User Account

All Pages