Be sure to read very carefully when the error was discovered as each situation is different. For each situation, prepare the necessary corrected journal entry if no entry is required enter N/A

Freedom pays $24,000 for 12 months of advertising on March 1, 2020 advertising is distributed equally over the next 12 months when the contract was signed $24,000 with expense the advertising expense at the beginning of 2021 after the books for 2020 were closed and financial statements issued freedom discovers the error. prepare the correct entry required when the error discovered

On January 1, 2020 freedom paid $4500 to improve the quality of a piece of machinery by debited the repair and maintenance expense account upon purchase. Freedom discovers the error in 2021 after the books for 2020 are closed. Prepare the correct entry in 2021 when the error is discovered. The improved piece of equipment is being depreciated over 10 years with no salvage value using the S/L method

In early 2021 after the 2020 books are closed, it is discovered that bonuses of $34,000 earned in 2020 being paid in 2021 were not accrued in 2020