Intermediate Accounting, 10 Ed
Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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Chapter 20, Problem 20.15Q
To determine

Correction of Accounting Errors:

Correcting the errors caused by transaction that was recorded incorrectly or omitted the whole transaction.

To rectify:  The transaction, Insurance for 5 years, recorded as insurance expense two years ago with an amount of $50,000.

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