During the end of year audit, the auditors found the following errors in Blossom Company's financial statements:
Prepare the necessary journal entries to correct each error (omit explanations).
Definitions:
Owner's Equity
The total assets of a business minus its total liabilities; represents the ownership interest of the shareholders or owner(s).
Required Assets
Assets that are necessary for a business or individual to achieve its goals, including tangible and intangible resources.
Long-Term Assets
Assets that will not be converted into cash within one year.
Patents
Legal documents granted by governments giving inventors exclusive rights to their inventions, preventing others from making, using, or selling the invention without permission for a certain period.
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