Question: Prepare a journal entry to correct the error in 2024. Note: If no entry is required for a transaction/event, select No journal entry required in

Prepare a journal entry to correct the error in 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. Determine the effect of 2022 errors on retained earnings at January 1, 2024, before any adjustments. (Ignore incor Note: If the answers is no effect then select "No effect" in the dropdown. Determine the effect of 2023 errors on retained earnings at January 1, 2024, before Note: If the answers is no effect then select "No effect" in the dropdown. Will Lipe and Lipe account for the error (a) retrospectively or (b) prospectively? the following amounts: Lipe and Lipe uses the periodic inventory system and the FIFO cost method. Required: 1-a. Determine the effect of 2022 errors on retained earnings at January 1, 2024, before any adjustments. (Ignore income taxes.) 1-b. Determine the effect of 2023 errors on retained earnings at January 1, 2024, before any adjustments. (Ignore income taxes.) 2. Prepare a journal entry to correct the error in 2024. 3. Will Lipe and Lipe account for the error (a) retrospectively or (b) prospectively? Complete this question by entering your answers in the tabs below

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