In 2011, Milford Corporation determined that it overstated salaries payable and salaries expense by P20,000 in 2010. In 2011, which of the following accounts will have to be credited to correct this error? Choices; Salaries Payable. Salaries Expense. Retained Earnings. Income Summary.

In 2011, Milford Corporation determined that it overstated salaries payable and salaries expense by P20,000 in 2010. In 2011, which of the following accounts will have to be credited to correct this error? Choices; Salaries Payable. Salaries Expense. Retained Earnings. Income Summary.

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 65E: Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared...

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