In reviewing the December 31, 2022, inventory, Mason discovered errors in its inventory-talking procedures that have cau
Posted: Wed May 04, 2022 7:27 am
In reviewing the December 31, 2022, inventory, Mason discovered
errors in its inventory-talking procedures that have caused
inventories for the past three years to be incorrect, as
follows:
December 31, 2019, Overstated of $18, 000
December 31, 2020, Understated of $21, 000
December 31, 2021, Overstated $20 000
December 31, 2022, Understated $22, 000
Prepare the necessary journal entry at December 31, 2022, to
record the above corrections and changes as appropriate. The books
are still open for 2022, Tax rate is 30%.
errors in its inventory-talking procedures that have caused
inventories for the past three years to be incorrect, as
follows:
December 31, 2019, Overstated of $18, 000
December 31, 2020, Understated of $21, 000
December 31, 2021, Overstated $20 000
December 31, 2022, Understated $22, 000
Prepare the necessary journal entry at December 31, 2022, to
record the above corrections and changes as appropriate. The books
are still open for 2022, Tax rate is 30%.