The errors below were noted after the books of CalMart Corporation were audited at the close of 2021 Indicate the effects of each of the following errors with an O for Overstatement, U for understatement and N for no effect in the appropriate column. 2020 Liability Retained before closing 2021 Liability Earnings Retained Earnings after Net Income Eamings Retained Earnings after dosing Net Income Asset Asset Retained closing before closing Failure to record purchases of merchandise on account of P2.000 at the end of 2020. Sale of merchandise on account on December 30,2020 amounting to P2,000 was not recorded until the customer paid his account on January 2021. Depreciation equipment overstated by P1.000. expense 2020 on was
The errors below were noted after the books of CalMart Corporation were audited at the close of 2021 Indicate the effects of each of the following errors with an O for Overstatement, U for understatement and N for no effect in the appropriate column. 2020 Liability Retained before closing 2021 Liability Earnings Retained Earnings after Net Income Eamings Retained Earnings after dosing Net Income Asset Asset Retained closing before closing Failure to record purchases of merchandise on account of P2.000 at the end of 2020. Sale of merchandise on account on December 30,2020 amounting to P2,000 was not recorded until the customer paid his account on January 2021. Depreciation equipment overstated by P1.000. expense 2020 on was
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 11P: A review of Anderson Corporations books indicates that the errors and omissions pertaining to the...
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