The first audit of the books of Bruce Gingrich Company was made for the year end
ID: 2484932 • Letter: T
Question
The first audit of the books of Bruce Gingrich Company was made for the year ended December 31, 2015. In examining the books, the auditor found that certain items had been overlooked or incorrectly handled in the last 3 years. These items are:
Prepare the journal entries necessary in 2015 to correct the books, assuming that the books have not been closed. Disregard effects of corrections on income tax.
4. Gingrich Company purchased a copyright from another company early in 2013 for $49,100. Gingrich has not amortized the copyright because its value had not diminished. The copyright has a useful life at purchase of 20 years.Explanation / Answer
Bruce Gingrich Company All Amounts in $ Journal Entries Amortisation of Copyright A/c 2455 Prior Period Expense A/c 4910 To Copyright A/c 7365
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