Question

Bettner, Inc., is a calendar year corporation whose financial statements for 2012 and 2013 included errors as follows:


Assume that purchases were recorded correctly and that no correcting entries were made at December 31, 2012, or December 31, 2013.

Required:
1. Ignoring income taxes, what amount should Bettner report as a prior period adjustment to the beginning retained earnings in its statement of retained earnings at January 1, 2014?
2. Prepare the journal entries that Bettner would make in 2014 to correct theerrors.


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  • CreatedSeptember 10, 2014
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