Taylor Corporation discovered in 2019 that it had incorrectly recorded in 2018 a cash payment of $70,000

Question:

Taylor discovered in 2019 that it had incorrectly recorded in 2018 a cash payment of $70,000 for utilities expense. The correct amount of the utilities expense was $35,000.
Requirements
1. Determine the effect of the error on the accounting equation in 2018.
2. How should this error be reported in the 2019 financial statements?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...