Question: On May 1 , 2 0 1 9 , Matador received $ 3 3 7 , 8 0 0 for the sale of merchandise to

On May

1, 2019,

Matador received $

337, 800

for the sale of merchandise to a customer. The contract specified that Matador would deliver their product in equal monthly quantities over

60

months. When Matador recorded the sale the bookkeeper credited a nominal account. No adjusting or correcting entries were made and the bookkeeper realized the error after

2022

ICO was calculated. Determine the adjustment to ICO. Matador has a corporate tax rate of

30 % .

Using the information in Question

5,

determine the prior period adjustment to Retained Earnings that Matador will record in a journal entry for

2022 .

Matador has a corporate tax rate of

30 % .

On May 1,2019, Matador received $337,800 for the sale of merchandise

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