Recognize for the first time a recycling inventory

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Reference no: EM133432613

Question: The following paragraphs describe fraudulent accounting committed by the company. After reading the paragraphs, list the journal entries you think would have used to do what is described here. You will have to make an educated guess as to what journal entries the company would use to cover up the fraud.

top-level adjustments for the first quarter included approximately $16 million in reversals of insurance, environmental, legal, and bad debt reserves into income, and a $7 million entry to recognize for the first time a recycling inventory.

Reference no: EM133432613

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