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The auditors of Atherton Ltd detected a number of issues in their review of the draft financial statements for the year ended 30 June 2035.
The auditors of Atherton Ltd detected a number of issues in their review of the draft financial statements for the year ended 30 June 2035. One issue involved wages expense. The required accrual of wages was calculated to be $88,000 but the balance day adjustment was incorrectly posted to accounts payable on 30 June 2035. This error was detected by the auditors on 10 July 2035.
Assume this is a material error.
The entry to correct accounts payable is: |
|
The entry to correct wages payable is:
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