Journal entry worksheet < 1 Record journal entry to correct error. Note: Enter debits before credits. Event 1 General Journal Debit Credit
Journal entry worksheet < 1 Record journal entry to correct error. Note: Enter debits before credits. Event 1 General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
In 2026, after the 2025 financial statements were issued, internal auditors discovered that PKE Displays, Incorporated, had debited an expense account for the $350,000 cost of a machine purchased on January 1, 2021. The machine’s useful life was expected to be five 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.
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