Accountants at Amalgamated Corporation Incorrectly Journalized a $50,000 Equipment Purchase

question 127

Multiple Choice

Accountants at Amalgamated Corporation incorrectly journalized a $50,000 equipment purchase as a debit to Buildings.This error was not discovered before the journal entry was posted.What is the correcting entry?

• A)Debit Buildings and credit Equipment for $50,000 each.
• B)Debit Equipment and credit Buildings for $50,000 each.
• C)Debit Buildings and credit Equipment for $100,000 each.
• D)Debit Equipment and credit Buildings for $100,000 each.
• E)Debit Equipment for $100,000 and credit Buildings for $50,000.

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Definitions:

Goal-relevant Actions

Activities and measures that are directly linked to the accomplishment of a predetermined objective or set of objectives.

Feedback Toward Goals

Information provided to individuals or groups regarding their progress in achieving specific objectives, intended to guide and improve future performance.

Goal-setting Program

A structured approach to setting and achieving specific, measurable, attainable, relevant, and time-bound goals.

Obstacles

Factors, objects, or conditions that impede progress or make it difficult to achieve an objective.