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What is the correcting journal entry

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Reference no: EM133003520

Problem - During the year, SYE Corp had equipment that was sold for $260,000 in cash. This equipment cost $352,000 originally and had a net book value of $160,000 at the time of sale. The cash proceeds collected on the sale were incorrectly charged to sales revenue with no other entries recorded for the transaction. What is the correcting journal entry that would be needed to reflect the related to the sale of equipment? If the books were closed for the year and what is the correcting journal entry that would be needed to reflect the related to the sale of equipment in the prior year?

Reference no: EM133003520

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