Question: Wells Corporation discovered in 2015 that it had incorrectly recorded

Wells Corporation discovered in 2015 that it had incorrectly recorded $ 50,000 of utilities expense for 2014. The correct amount of the utilities expense was $ 30,000.

Requirements
1. Determine the effect of the error on the accounting equation in 2014.
2. How should this error be reported in the 2015 financial statements?


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  • CreatedJanuary 16, 2015
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