Intermediate Accounting
Intermediate Accounting
3rd Edition
ISBN: 9780136912644
Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella
Publisher: Pearson Education (US)
Question
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Chapter 21, Problem 21.10E
To determine

Error and Error analysis:

It refers to a mistake happen due to wrong application of accounting policy and method. Correction of error is made with retrospective method and shows the changes in retained earnings as prior period adjustment.

To prepare: Journal entry to rectify the error in 2021.

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