Question

Exercise 157 Record the following transactions for Tri-State Corporation on the dates indicated 1. On March 31, 2020, Tri-State Corporation discovered that Depreciation Expense on equipment for the year ended December 31, 2019, had been recorded twice, for a total amount of $84,000 instead of the correct amount of $42,000 2. On June 30, 2020, the company's internal auditors discovered that the April 2020 telephone bill for $3,700 had erroneously been charged to the Interest Expense account. 3.On August 14, 2020, cash dividends on preferred stock of $150,000 declared on July 1, 2020, were paid (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 1. March 31, 2020 2. June 30, 2020 3. August 14, 2020

Answer 1

	Date	Account titles and Explanations				Debit	Credit
	March 31,	Accumulated depreciaiton-Equipment				42,000
	2020	Retained earnings					42,000
	june 30,	Telephone expense				3,700
	2020	interest expense					3,700
	Aug 14,	Dividends payable-preferred stock				150,000
	2020	cash					150,000