At the end of December 2020 when preparing the financial statements, the accountant forgot to make the adjusting entry related to the depreciation of the capital assets.
Instructions
Explain the effect of the error on the Statement of Income and Statement of Financial Position for 2020 and 2021. Assume the error was not discovered and was not corrected in 2021.

Question

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The Answer of At the end of December 2020 when preparing the financial statements, the accountant forgot to make the adjusting entry related to the depreciation of the capital assets.
Instructions
Explain the effect of the error on the Statement of Income and Statement of Financial Position for 2020 and 2021. Assume the error was not discovered and was not corrected in 2021.

At the End of December 2020 When Preparing the Financial