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:

Public Bathrooms

Restroom facilities accessible to the general population in public spaces.

Birth Certificates

Official documents issued upon the birth of a person that record their name, date and place of birth, and other relevant information.

Ledbetter V. Goodyear

A U.S. Supreme Court case involving gender pay discrimination, leading to discussions and legal reforms concerning equal pay for women.

Discriminatory Treatment

occurs when individuals or groups are treated unjustly or less favorably than others based on characteristics such as race, gender, age, or religion.