Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. $($Ignore income tax

considerations.$)($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,

select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Retained Earnings

Inventory

Accumulated Depreciation$-$Equipment

Credit