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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Abrat Company failed to accrue an allowance for doubtful accounts of $13,500 in 2019. Upon discovery of this error in 2020 prior to making its estimate of doubtful accounts, what correcting journal entry should Abrat make? Ignore income taxes.
Prepare the correcting journal entry for Company A in 2020.
Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.
Debit and credit rules:
- Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.
- Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.
Prepare the correcting journal entry for Company A in 2020.
| Date | Account Titles and Explanation | Post Ref... | ||
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