Journalizing: Journalizing is the process which includes recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the accounts are posted to the relevant ledger accounts. To Prepare: The correct entry for the transaction wrongly recorded. Given Information: Inventory of $ 570,000 is entered as $750,000. The error recorded in 2020 is discovered in the year 2021.

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Chapter 21, Problem 21.14BE

To determine

Journalizing:

Journalizing is the process which includes recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the accounts are posted to the relevant ledger accounts.

To Prepare: The correct entry for the transaction wrongly recorded.

Given Information:

Inventory of $ 570,000 is entered as $750,000.

The error recorded in 2020 is discovered in the year 2021.

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