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.

Answer and Explanation:

The journal entry is given below;

a. Machine or equipment  $6,500

        To Accumulated depreciation ($6,500 × 3 ÷ 5) $3,900

        To Retained earnings $2,600

(being the correction of the error is recorded)

b. Prepaid insurance Dr ($800 ÷ 4 × 2 ) $400

        To Retained earnings $400

(being the correction of the error is recorded)

These two entries should be recorded to correct the given errors

answertrue;

answer: b. false

the staff is a set of five horizontal lines and four spaces which represent a different musical pitch. the lines and the spaces are numbered from bottom to top, the bottom line is the first line and the fifth line is the line on the top. the notes on the top of the staff (fifth line) have a higher pitch than a note at the bottom of the staff.