Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on dec 12 2018 land costing 120000 was sold for 10

on dec 12 2018 land costing 120000 was sold for 105000. the total of the...

50.1K

Verified Solution

Question

Accounting

on dec 12 2018 land costing 120000 was sold for 105000. the total of the sale proceeds was credited to land account. 1. prepare journal entry to correct error assuming it is discovered before the books are adjusted or closed in 2018. 2. prepare Journal entry to correct the error assuming not discovered until early 2019 after books were closed.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

What are Nike Inc. Price and Financing policy? Describe and explain. THANK YOU!!!!!!!!!!!

Biology
1.2K views

Lysogeny/lysogenic life cycle can result in the following EXCEPT:viral DNA/provirus is passed onto the progeny...

Physics
1.2K views

3 The average translational energy and the r m s speed of molecules in a...

Calculus
1.2K views

1 The shaded regions R and R shown below are enclosed by the graphs of...

Algebra
1.2K views

1 f x 4x 2 Find f 0

Accounting
1.2K views

An entity manufactures 4 products: Item A C E F CM/Unit $22.00 $32.00 $26.00 $34.25...

Accounting
1.2K views

Farrow Co. expects to sell 150,000 units of its product in the next period with...

Accounting
1.2K views

16. Income Statements Segmented by Territory Assume Pentel has two product lines. The September income...

Accounting
1.2K views

Ivanna, who has three children under age 13, worked full-time while her husband, Sergio, was...

Accounting
1.2K views

please correct the numbers in the red boxes as they are incorrect! Waterway Company...

Accounting
1.2K views

\table[[Bal.,30,000 units, 40% completed,1,075,500,To Finished Goods, 406,000 units],[Direct materials, 400,000 units @ $11.25,4,500,000,],[Direct labor,4,012,000,],[Factory overhead,20,060,000,],[Bal.,?...

Finance
1.2K views

Suppose you won a lottery 600000 interest of 0.1 percent, they offered you many choices...