Record the Following Transactions for Grogan Corporation on the Dates

question 333

Essay

Record the following transactions for Grogan Corporation on the dates indicated.
1. On March 31, 2014, Grogan Corporation discovered that depreciation expense on factory equipment for the year ended December 31, 2013, had been recorded twice, for a total amount of $50,000 instead of the correct amount of $25,000.
2. On June 30, 2014, the company's internal auditors discovered that the April 2014 telephone bill for $2,500 had erroneously been charged to the Interest Expense account.
3. On August 14, 2014, cash dividends on preference shares of $110,000 declared on July 1, 2014, were paid.

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