Error Correction, after Books Closed Tyrion Retailers, Inc incorrectly recorded inventory in 2014 Rather than recording ending inventory as $ 570,000, Tyrions accounting manager entered $ 750,000 Tyrions control ler discovered the error in 2015 Prepare the journal entry necessary to correct the inv...

The need for a correcting entry depends on when the error is discovered Since the ...

Error Correction, after Books Closed. Tyrion Retailers, Inc. incorrectly recorded inventory in 2014. Rather than recording ending

Question:

Error Correction, after Books Closed. Tyrion Retailers, Inc. incorrectly recorded inventory in 2014. Rather than recording as $ 570,000, Tyrion’s accounting manager entered $ 750,000. Tyrion’s control-ler discovered the error in 2015. Prepare the journal entry necessary to correct the inventory error, ignoring any income tax effects. Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...