What action is required, What action is required? Ignore taxes. Describe in word, no, Accounting Basics

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What action is required

L Company discovered that a three-year insurance premium payment of $240,000 one year ago was debited to insurance expense.

Required:

1. What action is required? Ignore taxes. Describe in word, no journal entry is needed.

2. What action is required if the error is not discovered until 4 years after it occurred? Describe in word, no journal entry is needed.

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Accounting Basics: What action is required

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Accounting Basics: What action is required

Reference No:- TGS050611

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Calculate the amount of net loss per share

Q : Determine the amount rex must include in gross income

Q : Manager getting frustrated when he cannot control others

Q : What is the amount of the overall tax

Q : What action is required

Q : How many units did have to sell in order to turn a profit

Q : Payment of pounds to the british company

Q : Determine the amount of income allocated to partner

Q : Required rate of return on the market

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What action is required

Reference No:- TGS050611

Recent Questions Asked Accounting Basics

Q : Calculate the amount of net loss per share

Q : Determine the amount rex must include in gross income

Q : Manager getting frustrated when he cannot control others

Q : What is the amount of the overall tax

Q : What action is required

Q : How many units did have to sell in order to turn a profit

Q : Payment of pounds to the british company

Q : Determine the amount of income allocated to partner

Q : Required rate of return on the market

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