Simpson company purchased $900 of equipment by paying cash and recorded the expenditure as a purchase of land. the error was discovered a week later. prepare the two journal entries required to correct the error. (first, reverse the error and then record the appropriate entry.) (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Trinity trucking signs a contract with olsen oil to purchase all of the fuel for its fleet of trucks for the next year from olsen at a price of $3.00 per gallon. at the time trinity and olsen sign the contract, the market price for gasoline was $3.25 per gallon, and trinity had an expert report predicting that the price would rise to at least $4.25 per gallon in the upcoming six months. instead, the price dropped to $2.00 per gallon. may trinity rescind the contract with olsen due to its mistaken belief about the future of the price of gasoline?

Sue peters is the controller at vroom, a car dealership. dale miller recently has been hired as the bookkeeper. dale wanted to attend a class in excel spreadsheets, so sue temporarily took over dale's duties, including overseeing a fund used for gas purchases before test drives. sue found a shortage in the fund and confronted dale when he returned to work. dale admitted that he occasionally uses the fund to pay for his own gas. sue estimated the shortage at $450. what should sue do?

While on vacation in las vegas jennifer, who is from utah, wins a progressive jackpot playing cards worth $15,875 at the casino royale. what implication does she encounter when she goes to collect her prize?