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Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter12: Auditing Long-lived Assets And Merger And Acquisition Activity
Section: Chapter Questions
Problem 2RQSC
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Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?

Journal Entry #GJ 2 - Depr Journal date Journal no. 01/31x1 GJ 2 - Depr ACCOUNT DEBITS CREDITS DESCRIPTION 1 189 Accumulated Depreciation January depreciation on fixed assets 100.00 2 649 Depreciation expense 100.00 January depreciation on fixed assets Total 100.00 100.00
Transcribed Image Text:Journal Entry #GJ 2 - Depr Journal date Journal no. 01/31x1 GJ 2 - Depr ACCOUNT DEBITS CREDITS DESCRIPTION 1 189 Accumulated Depreciation January depreciation on fixed assets 100.00 2 649 Depreciation expense 100.00 January depreciation on fixed assets Total 100.00 100.00
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