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Almira Inc. failed to expense depreciation of $30,000 during their financial year ending Dec 31, 2019. The error was discovered on June 21, 2020. For
Almira Inc. failed to expense depreciation of $30,000 during their financial year ending Dec 31, 2019. The error was discovered on June 21, 2020. For one mark EXPLAIN why this error should be corrected with a debit to retained earnings and credit to accumulated depreciation, rather than a debit to depreciation expense and a credit to accumulated depreciation. Almira does not pay tax.
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