Record the Following Transactions for Quik Corporation on the Dates

question 88

Essay

Record the following transactions for Quik Corporation on the dates indicated.
1. On March 31, 2018, Quik Corporation discovered that Depreciation Expense on equipment for the year ended December 31, 2017, had been recorded twice, for a total amount of $84,000 instead of the correct amount of $42,000.
2. On June 30, 2018, the company's internal auditors discovered that the April 2018 telephone bill for $2,400 had erroneously been charged to the Interest Expense account.
3. On August 14, 2018, cash dividends on preferred stock of $150,000 declared on July 1, 2018, were paid.

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Definitions:

Positively Skewed

A type of distribution in which the right tail (higher values) is longer than the left tail, indicating that a majority of the data points are clustered to the left of the mean.

Symmetric

A characteristic of distributions or shapes where they are mirror images on either side of a central point or axis.

Molecular Dipole Moment

A measure of the separation of positive and negative electrical charges within a molecule, influencing molecular interactions and physical properties.

Net Molecular

Refers to the overall equation describing the reactants and products in a chemical reaction without including the ionic species individually.