Question: Tyrion Retailers, Inc. incorrectly recorded inventory in 2020. Rather than recording ending inventory as $570,000, Tyrions accounting manager entered $750,000. Tyrions controller discovered the error

Tyrion Retailers, Inc. incorrectly recorded inventory in 2020. Rather than recording ending inventory as $570,000, Tyrion’s accounting manager entered $750,000. Tyrion’s controller discovered the error in 2021. Prepare the journal entry necessary to correct the inventory error, ignoring any income tax effects.

Step by Step Solution

★★★★★

3.47 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

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

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Intermediate Accounting Questions!

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....

Using the information from BE21-12, prepare the journal entry necessary to correct the inventory error, assuming that Barins controller discovered the error in 2021 after the books had been closed...

Barin Retail Outlets incorrectly recorded inventory in 2020. Rather than recording ending inventory as $960,000, Barins accounting manager entered $690,000, understating ending inventory by $270,000....

Tyrion Retailers, Inc. incorrectly recorded inventory in 2016. Rather than recording ending inventory as $570,000. Tydon's accounting manager entered $750,000. Tyrion's controller discovered the...

Scupper Retailers, Inc incorrectly recorded inventory in 2016. Rather than recording ending inventory as $577,000, Scupper's accounting manager entered $757,000 Scupper's controller discovered the...

Barin Retail Outlets incorrectly recorded inventory in 2020 . Rather than recording ending inventory as $960,000 Barin's accounting manager entered $690,000, understating ending inventory by $270,000...

f Barin Retail Outlets incorrectly recorded inventory in 2016. Rather than recording ending inventory as $980,000 Barin's accounting manager entered $890 000. understating ending inventory by...

This International Student Edition is for use outside of the U.S. PAUL A. COPLEY 2010 Essentials of Accounting for Governmental and Not-for-Profit Organizations FOURTEENTH EDITION Mc Graw Hill...

JETRO CORPORATION Unadjusted Trial Balance As Of December 31, 2019 DEBIT CREDIT P 380,000.00 2,000,000.00 1,260,000.00 239,200.00 150,000.00 140,000.00 2,490,000.00 357,000.00 440,000.00 920,000.00...

Hi Tutor, Please answer Part B - Question 3 & 4 Please provide a reference to support your answer. Thanks. A B C D E F G H Aged Account Receivable as at 31 March 2021 4 Product Line A 5 Customer...

The relationship between stress and the shear strain rate for a pseudoplastic fluid (see Prob. 20.51) can be expressed by the equation = n . The following data comes from a 0.5%...

Define when a function f: Rn R is independent of the first variable and find f1 (a, b) for such f. Which functions are independent of the first variable and also of the second variable?