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ACCT 4050 4/12/2022 IN-CLASS EXERCISE 20-2 Ajax Inc. is a calendar-year corporation whose financial statements for 2023 - 2025 included the following errors: Year 2023
ACCT 4050 4/12/2022 IN-CLASS EXERCISE 20-2 Ajax Inc. is a calendar-year corporation whose financial statements for 2023 - 2025 included the following errors: Year 2023 2024 2025 Ending Inventory $500 overstated $1,000 understated $750 understated Ajax found these errors in 2026. Ignoring income taxes, 1. Using the COGS and income statement tracking schedule to determine which accounts are overstated/understated in 2023, 2024, and 2025, and the amounts of error. 2. Prepare the journal entry in 2026 to correct the errors. 35
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ISO IEC 27001 Lead Auditor Mastering ISMS Audit Techniques
Authors: Dr Tamuka Maziriri
1st Edition
107903160X, 978-1079031607
