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What accounts are debited and credited to correct an overstatement of inventory in the current reporting period? Example - Inventory was reported at $3,265,000 and
What accounts are debited and credited to correct an overstatement of inventory in the current reporting period?
Example - Inventory was reported at $3,265,000 and it should be $2,600,000 (overstated by $665,0000). The financial statements have not been issued, so the correction can be made.
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