Question: What adjusting entry for each item (a) through (g) should Jay record at December 31? Prepare a corrected income statement for the current year including

What adjusting entry for each item (a) through (g) should Jay record at December 31? Prepare a corrected income statement for the current year including earnings per share. Assume that 7,000 shares of stock are outstanding all year. Compute the total asset turnover ratio based on the corrected information. Assume the beginning-of-the-year balance for Jay's total assets was $58,020 and its ending balance for total assets was $65,180

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