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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Definitions:

Public Good

A product or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

Public Good

A good that is non-excludable and non-rivalrous, meaning its consumption by one individual does not reduce its availability to others and people cannot be effectively excluded from using it.

Public Good

A good that is non-excludable and non-rivalrous, meaning it can be used simultaneously by more than one person without reducing its availability to others.

Flat Road Tax

A fixed-rate tax imposed on vehicle owners, irrespective of the vehicle's value, emissions, or usage levels.