Conrad Playground Supply underwent a restructuring in 2013. The
company conducted a thorough internal audit, during which the
following facts were discovered. The audit occurred during 2013
before any adjusting entries or closing entries are prepared.
Additional computers were acquired at the beginning of 2011 and
added to the companyA????1s office network. The $47,000 cost of the
computers was inadvertently recorded as maintenance expense.
Computers have five-year useful lives and no material salvage
value. This class of equipment is depreciated by the straight-line
Two weeks prior to the audit, the company paid $19,000 for
assembly tools and recorded the expenditure as office supplies. The
error was discovered a week later.
On December 31, 2012, merchandise inventory was understated by
$82,000 due to a mistake in the physical inventory count. The
company uses the periodic inventory system.
|d.||Two years earlier, the company|
recorded a 3% stock dividend (2,400 common shares, $1 par) as
|The shares had a market price at|
the time of $13 per share.
At the end of 2012, the company failed to accrue $112,000 of
interest expense that accrued during the last four months of 2012
on bonds payable. The bonds, which were issued at face value,
mature in 2017. The following entry was recorded on March 1, 2013,
when the semiannual interest was paid:
A three-year liability insurance policy was purchased at the
beginning of 2012 for $73,200. The full premium was debited to
insurance expense at the time.
For each error, prepare any journal entry necessary to correct
the error as well as any year-end adjusting entry for 2013 related
to the situation described. (Ignore income taxes.) (If no
entry is required for a particular transaction, select "No journal
entry required" in the first account field.)
check my workreferencesebook & resources
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