Question: The following errors over three (3) were discovered only this year 2021 before year- end adjusting entries are done. REQUIRED: Prepare individualized correcting entries in

The following errors over three (3) were discovered only this year 2021 before year- end adjusting entries are done.

Merchandise inventory, ending was overstated Doubtful accounts expense was overstated Depreciation expense

REQUIRED:

Prepare individualized correcting entries in 2021 for the above errors. The amounts are not cumulative.

Merchandise inventory, ending was overstated Doubtful accounts expense was overstated Depreciation expense was understated 2019 P12,000 2,000 8,000 2021 P15,000 5,000 10,000 2022 P21,000 1,000 9,000

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