Multiple Choice
After the closing of its accounting books, Bear Company discovered that depreciation was understated by $8,000, which meant that Net Income was overstated by $8,000. What entry is needed to record the adjustment for the prior period's error?
A) Debit Retained Earnings; credit Accumulated Depreciation
B) Debit Accumulated Depreciation; credit Retained Earnings
C) Debit Retained Earnings; credit Retained Earnings Appropriated
D) No adjusting entry is needed.
Correct Answer:
Verified
Correct Answer:
Verified
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