ACC2363_QUIZ 2_Q #71

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School

Algonquin College *

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Course

2363

Subject

Accounting

Date

Nov 24, 2024

Type

pdf

Pages

1

Uploaded by ok1807

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11/29/23, 11:45 AM Question 71 of 100 - Quiz Two https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=6725a273-fdf5-482a-a475-ba3a80cb0a9f#/question/70 1/1 View Policies Show Attempt History Your Answer Correct Answer Your answer is correct. MissTake Corp. is a small private corporation that does NOT prepare comparative statements. At the end of its 2023 ±scal year, it was discovered that the 2022 depreciation expense on its computer equipment had been incorrectly debited to maintenance expense. How should MissTake deal with this situation? Restate its 2022 ±nancial statements. Ignore it, it is likely immaterial. Prepare an adjusting entry to debit retained earnings and credit maintenance expense. Prepare an adjusting entry to debit depreciation expense and credit maintenance expense. eTextbook and Media Attempts: 3 of 3 used
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