Prepare the adjusting journal entries for December

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Reference no: EM132791615

Question - After the year-end adjusting entries for December 31, 2020 had been completed, including adjustments resulting from the 2020 year-end inventory count that was performed correctly, but before the 2020 income tax entries, Ace Co. became aware of:

The December 31, 2019 inventory count missed $20,000 of inventory and as a result, inventory was understated. The 2019 books are closed and they have not released their 2020 financial statements. Ace Co. is subject to a tax rate of 20%.

Prepare the adjusting journal entries for December 31, 2020 adjusting journal entries to correct the accounts, if necessary, for the item above.

Reference no: EM132791615

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