Meagan Co Has the Following Errors on Its Books as of of December

question 14

Essay

Meagan Co. has the following errors on its books as of December 31, 2016. The books for 2016 have not yet been closed.
a.On January 1, 2014, a truck had been purchased for $28,000. The truck had an estimated life of eight years, but it was expensed in error. Straight-line depreciation with $2,000 salvage value should have been used.
b.On January 1, 2015, the company recorded the purchase of a machine in exchange for a four-year, noninterest-bearing note in the amount of $20,000. Interest rates were then 10%, but no recognition was made of that fact. The present value of $1 at 10% for four periods is 0.683013. (Ignore depreciation.)
Required:
Prepare journal entries to correct these errors at December 31, 2016. Ignore income taxes.

Identify different CRM system implementation options (cloud-based, on-premise, open-source, mobile, social).

Analyze the role of CRM in managing customer relationships and enhancing business operations.

Understand the process and benefits of cross-selling and upselling.

Identify the technologies that support analytical CRM systems.

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Definitions:

Inputs

Resources, information, or efforts that are put into a system or process to achieve outputs or outcomes.

Individual

Refers to a single, separate organism or entity, especially when considering human beings as distinct units with unique characteristics.

Equity Theory

A psychological theory suggesting that employees are motivated by fairness, and that perceived inequities can lead to dissatisfaction and changes in behavior.

Equity Exists

A condition or situation in which fairness is upheld, and all individuals have equal opportunities and treatment.