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Question - Accounting Errors - In early January 2021, Western London Distributors discovered that its large year-end inventories of office supplies were excluded from its balance sheets for the past 2 years. Following is a summary of the office supplies on hand at the end of the 2019 and 2020 years:
Year
Office Supplies On Hand
2019
$27,300
2020
$15,200
Assume that the books have been closed for 2020 and for all prior years.
Required -
1. Calculate the amount by which reported earnings will change for 2019 and 2020 years as a result of correcting this error. Ignore any impact of income taxes.
2. Assuming that Western London Distributors has a December 31 year end, prepare the adjusting entry that the company will need to make at the beginning of 2021 to correct this error. Ignore any impact of income taxes.
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