Question

Exercise 157 Record the following transactions for Tri-State Corporation on the dates indicated. 1. On March 31, 2020, Tri-State Corporation discovered that Depreciation Expense on equipment for the year ended December 31, 2019, had been recorded trice, for a total amount of s84,000 instead of the correct amount of $42,000 2. On une 30, 2020, the company's internal auditors discovered that the April 2020 telephone bill for $3,700 had erroneously been charged to the Interest Expense account 3. on August 14, 2020, cash dividends on preferred stock of $150,000 declared on July 1, 2020, were paid (Credil account titles are automatically indented when the amount is entered. Do not indent manually. II no entry is required, select "No Entry" for Lhe account Litles and enter O for the amounts. DateAccount Titles and Explanation Credit 1. March 31, 2020 2. une 30, 2020 3. August 14, 2020

Answer 1

Date	Account Titles and Explanation	Debit	Credit
1. March 31, 2020	Accumulated Depreciation	$42,000
	Depreciation expense		$42,000
2. June 30, 2020	Telephone bill expense	$3,700
	Interest expense		$3,700
3. August 14,2010	Dividend payable	$150,000
	Cash		$150,000