Exercise 22-17 https:\'edugen.wilcyplus.com edugen/shared\'assignmenttest qprint

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Exercise 22-17 https:'edugen.wilcyplus.com edugen/shared'assignmenttest qprint.uni Exercise 22-17 Your answer is partially correct. Try again The reported net incomes for the first 2 years of Buffalo Products, Inc., were as follows: 2017, $148,400; 2018, $172,000. Early in 2019, the following errors were discovered 1. 2. 3. 4. Depreciation of equipment for 2017 was overstated $17,400 Depreciation of equipment for 2018 was understated $42,100 December 31, 2017, inventory was understated $54,700 December 31, 2018, inventory was overstated $16,000 Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. (Ignore income tax considerations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit etained Earnin nventor ccumulated Depreciation-Equipmen Question Attempts: 1 of 3 used Copyright 2000-2018 by John Wiley& Sans, nc arrelated companies. Nl rights reserved 1 of 1 3/25/2018, 11:54 AM

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Retained earnings 95400 Inventory 70700 Accumlated depreciation-equipment 24700

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