Solution-Prepare any journal entry necessary to correct the

Prepare any journal entry necessary to correct the error

Reference no: EM131006455

At the end of 2010, Majors Furniture Company failed to accrue $61,000 of interest expense that accrued during the last five months of 2010 on bonds payable. The bonds mature in 2024. The discount on the bonds is amortized by the straight-line method. The following entry was recorded on February 1, 2011, when the semiannual interest was paid:

60_254-B-A-N-I (107).png

Required:

Prepare any journal entry necessary to correct the error as of January 1, 2011, so that prior years' financial statements can be restated. Also, prepare any adjusting entry at February 28, 2011, related to the situation described. (Ignore income taxes.)

Reference no: EM131006455

Questions Cloud

Is acid rain a problem for plant species and crop : Knowing that acid rain has a pH of 2 - 3 would you conclude that crop species with a narrow soil pH range are in trouble? Explain why, or why not, using scientific reasoning. Is acid rain a problem for plant species and crops?

What''s the longest time a human can hold their breath : What's the longest time a human can hold their breath?

Briefly describe the person profiled in this personal story : In 1 paragraph, briefly describe the person profiled in this personal story (e.g. gender, age, background, and any other pertinent information that will put the person's experience with PTSD into perspective)

Tariff on textiles is equivalent to a tax on consumers : A tariff on textiles is equivalent to a tax on consumers and a subsidy to the textile producers and workers. A tariff lowers the real income of the country, while at the same time it distributes income from the consumers to the governments and to the..

Prepare any journal entry necessary to correct the error : Prepare any journal entry necessary to correct the error as of January 1, 2011, so that prior years' financial statements can be restated.

How much protein to consume to gain mass : How much protein to consume to gain mass for 18 year old 170 pounds.

Tariff on imported cars-explain the effects : Suppose the United States levied a 20% tariff on imported cars. Explain the effects on:

Which hormones is responsible for the emotional states : Which hormones is responsible for the emotional states such as fear, anger and tension and a rise in blood pressure and heart rate?

Explain the concept of effective rate of protection : Explain the concept of 'effective rate of protection'. What does the effective rate on final goods depend upon and how? In what way does the effective rate analysis help illuminate these policy issues:

User Account

All Pages

Prepare any journal entry necessary to correct the error

Reference no: EM131006455

Reference no: EM131006455

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Prepare the journal entry to record the budget

Miniature speakers for personal sound systems

Impact of the proposed change

Explain the users of financial statements

Impacts on the quality of accounting information

Evaluation of the model in light of the aicpa code

Distinguish between administrator and liquidator

At the beginning of the year lambert motors issued the

What is working condition fringe benefit

I the chart of accounts is represented with a table in

Design a substantive audit plan to test the existence

Calculate the cost equation using both the hi-low method

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT