Homework Answers
Company need to debiting expense ($25000) only.
But in this case company record interest by debiting revenue ($25000) & crediting expense ($25000).
By incorrectly debiting revenue, Owners equity is $25000 understated
By incorrectly crediting expense, Owners equity is $50000 overstated
Hence net effect on Owners equity = $25000 understated + $50000 overstated = $25000 overstated
Option C is correct
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(shown on the right side of the attached sheet) for each
error.
Write down the journal enrtry that the company SHOULD HAVE
made.
thank you!!
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