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FINANCIAL ACCOUNTING
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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Based on the given data, prepare the adjusting entries assuming errors were discovered in the following years:

a. 2020

b. 2021

c. 2022

PROBLEM 6-3 Counterbalancing Errors financial statements of Girlie Corporation: You discovered the following errors in connection with your examination of the merchandise was properly included in the ending inventory in 2020. was not recorded until it was collected in January 2021. The merchandise 2) Sale of merchandise on account on December 29, 2020 amounting to P70,000 The following data were extracted from the financial statements of Girlie 1) Purchase of merchandise on account on December 27, 2020 amounting to P50,000 was not recorded until it was paid in January 2021. The financial statements of Girlie Corporation: ale of merchandise on account on December 29, 2020 amounting to P70,000 Sare not recorded until it was collected in January 2021. The merchandise was properly excluded in the ending inventory in 2020. a On December 31, 2020, the ending inventory was understated by P20.000. fellowing data were extracted from the financial statements of Girlie Corporation: 2020 2021 100,000 300,000 150,000 400,000 Net income Working capital RE, end of the year 100,000 250,000
Transcribed Image Text:PROBLEM 6-3 Counterbalancing Errors financial statements of Girlie Corporation: You discovered the following errors in connection with your examination of the merchandise was properly included in the ending inventory in 2020. was not recorded until it was collected in January 2021. The merchandise 2) Sale of merchandise on account on December 29, 2020 amounting to P70,000 The following data were extracted from the financial statements of Girlie 1) Purchase of merchandise on account on December 27, 2020 amounting to P50,000 was not recorded until it was paid in January 2021. The financial statements of Girlie Corporation: ale of merchandise on account on December 29, 2020 amounting to P70,000 Sare not recorded until it was collected in January 2021. The merchandise was properly excluded in the ending inventory in 2020. a On December 31, 2020, the ending inventory was understated by P20.000. fellowing data were extracted from the financial statements of Girlie Corporation: 2020 2021 100,000 300,000 150,000 400,000 Net income Working capital RE, end of the year 100,000 250,000
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