44. Sales of P 150,000 in 2021 were recorded as sales of 2022. What would be the adjusting entry if the error was discovered at December 31, 2022? Sales of P 150,000 in 2021 were recorded as sales of 2022. What would be theadjusting entry if the error was discovered at December 31, 2022?

Prior period errors are errors occurred in previous period/s but detected in current period. Any…

Answered: Sales of P 150,000 in 2021 were…

Sales of P 150,000 in 2021 were recorded as sales of 2022. What would be the adjusting entry if the error was discovered at December 31, 2022

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

44. Sales of P 150,000 in 2021 were recorded as sales of 2022. What would be the adjusting entry if the error was discovered at December 31, 2022?

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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