Prepare the journal entry to correct the error

Assignment Help Accounting Basics
Reference no: EM133123835

Question - On December 2, 2014, a HTM investment costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment account. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan).

Required -

a) Prepare the journal entry to correct the error assuming it is discovered on December 31, 2014.

b) Prepare the journal entry to correct the error assuming it is not discovered until January 1, 2015.

Reference no: EM133123835

Questions Cloud

Estimate the expected annual cash flows : Estimate the expected annual cash flows for the 25 years of the ship's useful life. Assume that Ocean Carriers is a U.S. firm subject to 35% taxation.
Determine cost of completed and transferred-out production : The beginning work in process inventory on July 1 had a cost of $3,040. Determine the cost of completed and transferred-out production
What is the standard deviation of a portfolio : Stock A's return has a variance of 0.0016. Stock B's return has a variance of 0.0036. What is the standard deviation of a portfolio
Experiencing different types of conflict : Search online for different resources that you could use or suggest to someone else who is experiencing different types of conflict.
Prepare the journal entry to correct the error : On December 2, 2014, a HTM investment costing $80,000 was sold for $100,000. Prepare the journal entry to correct the error
Discuss preliminary design brief : Discuss your Preliminary Design Brief. You will be advised of the date and time of the meeting - Carefully review the above information and the Project Brief
Calculate the basic eps for pearson ltd : The partly paid shares carry rights to dividends in proportion to the amount paid relative to the total issue price. Calculate the basic EPS for Pearson Ltd
Explain how a cost benefit analysis can assist : Explain how a cost benefit analysis can assist with identifying cost effective solutions when developing a design brief
Conflict resolution skills : You will learn how the application of motivational methods can influence individual performance and encourage an environment of excellence.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute gain from the liquidation and basis in the building

In a complete liquidation, Francis receives a building with a fair market value of $100,000, compute gain from the liquidation and basis in the building

  For garland company sales is 2000000 fixed expenses are

for garland company sales is 2000.000. fixed expenses are 600000. and the contribution margin ratio is 36. what are the

  What unit price would the company have to charge to make kd

What unit price would the company have to charge to make KD 2,000 on a sale of 500 additional units that would be shipped out of the normal market area?

  Discuss the given statements

Discuss the following statements:- Over a typical cycle, the movement of the yield curve is like the wagging of a dog's tail. The entire tail wags, but short- term rates wag more often than long- term rates.

  What can Steinar do with the deduction not used this year

Steinar loaned a friend $9,500 to buy some stock 3 years ago. In the current year the debt became worthless. What can Steinar do with the deduction not used

  Determine the proper balance in allowance

Determine the proper balance in Allowance to Reduce Inventory to Market at the year-end. Please show your computations

  Prepare a graph showing the behavior of maintenance costs

the controller of dugan industries has collected the following monthly expense data for use in analyzing the cost

  What amount of loss can lilly recognize as a result

Lilly owns a 30% interest in TW Partnership. Lucinda, Lilly's mother, owns a 10% interest, and Caleb, Lilly's cousin, owns a 15% interest in the partnership.

  Evaluate lowes investment in property plant and equipment

in lowes companies inc. 2012 annual report form 10-k1. evaluate lowes investment in property plant and equipment.

  Prepare a statement of cash flows for the year ended

Required: Prepare a statement of cash flows for the year ended December 31, 2015 using the indirect method

  Statements concerning consolidated financial statements

Which of the following statements concerning consolidated financial statements is true?

  Determine amount of beginning Work-in-Process Inventory

The January 1, 2019 balance of Work-in-Process Inventory is $44,000. Determine amount of beginning Work-in-Process Inventory

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd