Answered: What action is required when it is…

What action is required when it is discovered that a five-year insurance premium payment of $50,000 two yearsago was debited to insurance expense? (Ignore taxes.)

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 56P

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What action is required when it is discovered that a five-year insurance premium payment of $50,000 two years
ago was debited to insurance expense? (Ignore taxes.)

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