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Prepare the necessary journal entries to correct the items

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Reference no: EM132950179

Question - Sean joined Evonic Pte Ltd as an Accountant one month ago and the following came to his attention while closing the accounts for the year ended 31 December 2020:

(1) Credit sales of $55,800 were omitted from the records.

(2) Depreciation for furniture for December was recorded as $15,110 instead of $11,550.

(3) An additional provision of $18,260 for allowance for impairment of receivables was debited to rent expense.

(4) Monthly maintenance fees for factory machinery amounting to $12,000 for the whole year was debited to factory machinery account.

(5) Information pertaining to the building is as follows: $

Valuation @ 1 January 2020 820,000

Revaluation reserve @ 1 January 2020 20,000

Revaluation value @ 31 December 2020 300,000

Accumulated depreciation @ 31 December 2020 492,000

The company has not accounted for the above revaluation in the books.

Required - Prepare the necessary journal entries to correct the above items, showing workings where necessary. No narrations are needed.

Reference no: EM132950179

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