MKC is being audited for the years 20x1 and 20x2,and the errors listed below were found (have not been corrected in the accounts).
(a)You are to complete the following schedule to compute the correct income for each year (disregard income tax): Accruals and deferrals omitted at year-end: Ending inventory: (8)Correct income
(b)Assuming the books are already closed for 20x2,give the single journal entry required to correct all of the accounts on January 25,20x3:

Question

MKC is being audited for the years 20x1 and 20x2,and the errors listed below were found (have not been corrected in the accounts).
(a)You are to complete the following schedule to compute the correct income for each year (disregard income tax):  Accruals and deferrals omitted at year-end:  Ending inventory:  (8)Correct income
(b)Assuming the books are already closed for 20x2,give the single journal entry required to correct all of the accounts on January 25,20x3:

Quizplus · Accepted Answer

The Answer of MKC is being audited for the years 20x1 and 20x2,and the errors listed below were found (have not been corrected in the accounts).
(a)You are to complete the following schedule to compute the correct income for each year (disregard income tax):  Accruals and deferrals omitted at year-end:  Ending inventory:  (8)Correct income
(b)Assuming the books are already closed for 20x2,give the single journal entry required to correct all of the accounts on January 25,20x3:

MKC Is Being Audited for the Years 20x1 and 20x2,and