The Jessica Co

question 67

Essay

The Jessica Co. has the following errors on its books as of December 31, 2018. The books for 2018 have not yet been closed.
a. On January 1, 2016, a machine had been purchased for $6,500. The machine had an estimated life of five years, but it was expensed in error. Straight-line depreciation with no salvage value should have been used.
b. On January 1, 2017, the company bought a four-year insurance policy for $800 and immediately charged the full premium to expense.
Required:
Prepare journal entries to correct these errors on December 31, 2018. Ignore income taxes.

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Definitions:

PLC Editing Functions

Features within a PLC programming environment that allow the programmer to make changes, corrections, or updates to the PLC program.

Instructions

Commands or orders given to a computer processor to perform specific operations during the execution of a program.

Temporary End Instruction

A directive in programming that signifies a temporary halt or pause in the execution of a sequence of code.

Logic Being Scanned

Refers to the process in programmable logic controllers (PLCs) where the programmed logic is sequentially checked or executed.