User Account

All Pages

Sale proceeds was credited to the investment account.

Assignment Help Accounting Basics
Reference no: EM13881592

1.On December 12, 2013, an investment costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment account.

Required:
1. Prepare the journal entry to correct the error assuming it is discovered before the books are adjusted or closed in 2013. (Ignore income taxes.)
2. Prepare the journal entry to correct the error assuming it is not discovered until early 2014. (Ignore income taxes.)

Reference no: EM13881592

Questions Cloud

Explain how health promotion ethics are important : As a professional, explain how   health promotion ethics are important and how would you apply them as a   practitioner with an example?
Social service agencies on sex trafficking : How could social service agencies approach or respond to the needs of the victim/ survivor of sex trafficking?. Explain if Minor sex-trafficking a Social Problem.Write about the Limitations and De-limitations of this Study.
Describe creativity, innovation, and the rules of innovation : Describe creativity, innovation, and the rules of innovation in your own words. Include the following in your response: One real-life management example of using creative intelligence One real-life management example of innovation
Some ways to combat clients reluctance in counseling : No matter what setting or age group you chose to work with, you will be confronted with clients that are either reluctant or resistance at some point. List and expand on some ways to combat client's reluctance and resistance in counseling
Sale proceeds was credited to the investment account. : 1.On December 12, 2013, an investment costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment account.
What equivalent annual benefits must be to ensure a bc ratio : Use an interest rate of 8% per year to determine what the equivalent annual benefits must be to ensure a B/C ratio of at least 1.0.
Estimate the composition of the liquid : A vapor stream that is 65 mole% styrene and 35 mole% toluene is in equilibrium with a Liquid mixture of the same two species. The pressure in the system is 150 mm Hg absolute. Use Raoult's law to estimate the composition of the liquid and the syst..
Analysis of application of the theory to consumer behavior : Analysis of application of the theory to Consumer Behavior and opportunity to understand and explain consumer behavior concepts and present concrete applications.
What are the advantages of the hildreth-lu procedure : How does one know that the ρ value ultimately chosen to transform the data will, in fact, guarantee minimum Σuˆ t2 ?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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