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 Etry" for the account titles and enter 0 for the amounts. Date Account Titles and Explanation Debit Credit 1. March 31, 2020 2. une 30, 2020 3. August 14, 2020

Answer 1

Journal

Date	Account title	Debit	Credit
March 31, 2020	Accumulated depreciation- Equipment	42,000
	Depreciation expense		42,000
June 30, 2020	Telephone expense	3,700
	Interest expense		3,700
August 14, 2020	Dividend payable	150,000
	Cash		150,000

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