In 2018, it was discovered that Jenson Technologies had debited an expense account for the $400,000 cost a computer purchased on January 1, 2016. The computer’s useful life was estimated to be four years with no residual value. Straight-line depreciation is used by Jenson. Ignoring income taxes, what journal entry will Jenson use to correct the error?
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In 2018, it was discovered that Jenson Technologies had debited an expense account for the $400,000...
In 2018, internal auditors discovered that PKE Displays, Inc., had debited an expense account for the $264,000 cost of a machine purchased on January 1, 2015. The machine’s useful life was expected to be four years with no residual value. Straight-line depreciation is used by PKE. Ignoring income taxes, prepare the journal entry PKE will use to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
In 2018, Internal auditors discovered that PKE Displays, Inc., had debited an expense account for the $444,000 cost of a machine purchased on January 1, 2015. The machine's useful life was expected to be six years with no residual value. Straight-line depreciation is used by PKE. Ignoring income taxes, prepare the journal entry PKE will use to correct the error (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) No Event...
In 2021, internal auditors discovered that PKE Displays, Inc. had debited an expense account for the $357,000 cost of equipment purchased on January 1, 2018. The equipment’s life was expected to be five years with no residual value. Straight-line depreciation is used by PKE. Required: 1. Determine the cumulative effect of the error on net income over the three-year period from 2018 through 2020, and on retained earnings by the end of 2020. 2. Prepare the correcting entry assuming the...
In 2021, internal auditors discovered that PKE Displays, Inc. had debited an expense account for the $356,000 cost of equipment purchased on January 1, 2018. The equipment's life was expected to be five years with no residual value. Straight-line depreciation is used by PKE. Required: 1. Determine the cumulative effect of the error on net income over the three-year period from 2018 through 2020, and on retained earnings by the end of 2020. 2. Prepare the correcting entry assuming the...
n 2021, internal auditors discovered that PKE Displays, Inc. had debited an expense account for the $357,000 cost of equipment purchased on January 1, 2018. The equipment’s life was expected to be five years with no residual value. Straight-line depreciation is used by PKE. Required: 1. Determine the cumulative effect of the error on net income over the three-year period from 2018 through 2020, and on retained earnings by the end of 2020. 2. Prepare the correcting entry assuming the...
In 2021, internal auditors discovered that PKE Displays, Inc. had debited an expense account for the $362,000 cost of equipment purchased on January 1, 2018. The equipment’s life was expected to be five years with no residual value. Straight-line depreciation is used by PKE. Required: 1. Determine the cumulative effect of the error on net income over the three-year period from 2018 through 2020, and on retained earnings by the end of 2020. 2. Prepare the correcting entry assuming the...
In 2021, internal auditors discovered that PKE Displays, Inc. had debited an expense account for the $369,000 cost of equipment purchased on January 1, 2018. The equipment's life was expected to be five years with no residual value. Straight-line depreciation is used by PKE Required: 1. Determine the cumulative effect of the error on net income over the three-year period from 2018 through 2020, and on retained earnings by the end of 2020. 2. Prepare the correcting entry assuming the...
In 2021, internal auditors discovered that PKE Displays, Inc. had debited an expense account for the $369,000 cost of equipment purchased on January 1, 2018. The equipment’s life was expected to be five years with no residual value. Straight-line depreciation is used by PKE. Required:1. Determine the cumulative effect of the error on net income over the three-year period from 2018 through 2020, and on retained earnings by the end of 2020.2. Prepare the correcting entry assuming the error was...
1. 2. 3. In 2018, Internal auditors discovered that Fay, Inc., had debited an expense account for the $3,900,000 cost of a machine purchased on January 1, 2015. The machine's useful life was expected to be 20 years with no residual value. Straight-line depreciation is used by Fay. The Journal entry to correct the error will include a credit to accumulated depreciation of Multiple Choice 0 $585.000 O $195,000 O $3.900.000 o $390,000 Berkshire Inc. uses a periodic Inventory system....
Exercise 2—Noncounterbalancing error. Quigley Co. bought a machine on January 1, 2016 for $2,800,000. It had a $240.000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2018. Instructions Prepare the entry or entries related to the machine for 2018. Ignore taxes.