11 AutoSave Off A CH 22 Quiz(1) Search (Alt+Q) File Home Insert Draw Page Layout Formulas Data Review View Help X Out Arial 11 ' ' == Wrap Text Copy Paste B I U- a Merge & Center Accounting $ -% - D17 5. Format Painter Clipboard 1 Error 1 2 1 Factual background on error 1: Font + During 2023, Richards Company discovered that the cost of a 5 3-year $3,600 insurance policy purchased on July 1, 2021 was fully expensed in 2021. The year 2021 and 2022 is closed. Only consider what needs to be done for 2021 and 2022 to correct errors. B Alignment 15 Number shana benjamin SB Comments Share AutoSum $80 Conditional Format as Cell Formatting Table Insert Delete Format Clear Styles Sort & Find & Filter Select Analyze Data Styles Cells Editing Analysis G H K L M N 0 F a R 5 T U v 2021 2022 You must answer all items below: what we should have done, what we did, overstatement or understatement of revenue or expense (specific which), error analysis for the income statement and balance sheet affects, and a correcting journal entry with description/explanation. What we should have done 15 16 17 What we did 19 20 21 22 22 Overstatement (understatement) of revenue or expense (specific which) 24 25 Income statement 27 21 21 30 31 Balance Sheet 32 33 34 95 9 37 Correcting entry: 98 39 40 Error analysis: Error 1 Error 2 Ready Circular References Accessibility: Good to go Type here to search Debit Credit 18F ^ w x Y 00 60% 11:57 PM 4 4/18/2022 23