Tyrion Retailers, Inc. incorrectly recorded inventory in 2020. Rather than recording ending inventory as $570,000, Tyrions accounting

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Tyrion Retailers, Inc. incorrectly recorded inventory in 2020. Rather than recording ending inventory as $570,000, Tyrion’s accounting manager entered $750,000. Tyrion’s controller discovered the error in 2021. Prepare the journal entry necessary to correct the inventory error, ignoring any income tax effects.

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Intermediate Accounting

ISBN: 9780136946694

3rd Edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

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