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Question - At the beginning of 2020, Tanham Company discovered the following errors made in the preceding 2 years:
2018
2019
Overstatement of ending inventory
$5,000
$2,000
Omission of wages payable
700
800
Omission of allowance for doubtful accounts
1,300
1,700
Prepayment of insurance recorded as expense
500
200
Reported net income was $27,000 in 2018 and $35,000 in 2019. The allowance for doubtful accounts had a zero balance at the beginning of 2018. No accounts were written off during 2018 or 2019. Ignore income taxes.
Required -
1. What is the correct net income for 2018 and 2019?
2. Prepare the adjusting journal entry in 2020 to correct the errors.
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