Reference no: EM132975291
Question - Below are five independent and unrelated errors discovered at the beginning of 2018 after the 2017 income statement was reported. Prepare any journal entries to correct errors. Prepare the correcting entries ONLY. You will lose a point or two for an unnecessary entry.
A) Ending inventory was overstated by $8,000 on December 31, 2016, and overstated by $5,000 on December 31, 2017.
B) A five-year insurance policy costing $20,000 was charged to expense when paid in advance on January 1, 2017.
C) Depreciation expense of $12,000 on new equipment was omitted from the 2017 financial statements.
D) Major improvements to Angelica's manufacturing plant costing $25,000 were charged to expense in 2017 and should have been capitalized. Also, annual depreciation expense of $2,500 was omitted from the 2017 financial statements.
E) Wages payable of $7,000 were not accrued at the end of 2017.
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