Solution :
Correcting the errors by reversing the incorrect entry and then preparing the correct entry :
<u>Sl. No. </u> <u>Description</u> <u> Debit</u> <u>Credit</u>
1. Cash $600
Equipment $600
Salary and wages $600
Cash $600
2. Service revenue $450
Cash $450
Cash $4500
Account receivable $4500
3. Accounts payable $250
Equipment $250
Equipment $520
Accounts payable $520
This answer is true, because merchandisers design window displays, t shirts, and all kinds of stuff
Answer:
B. A card with a high compound interest rate
Explanation:
A.P.E.X
Answer:
d. a prior period adjustment.
Explanation:
Correction of the error when discovered in the next year should be treated as a prior period adjustment. This is basically because the error was already recorded in the past financial report. Since these reports are final and cannot be changed, then the correction to this error needs to be implemented in the next year's financial report and would reflect on that year's income taxes. The process of doing this is known in accounting as a prior period adjustment
