Prepare journal entries associated with changes due to error
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Prepare journal entries associated with changes due to errors. How do they relate to the practice of accounting and its uses in business?
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Solution Summary
This solution prepares journal entries associated with changes due to errors.
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Changes due to errors can really take several different forms. If we needed to make a journal entry due to an error for a change in accounting principle for a construction company, we would do the following:
Construction in process 130,000
Income taxes payable 52,000
Retained Earnings 78,000 (insert ...
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