Essay
Tarleton Company discovered ending inventory errors in 2015 and 2016.The 2015 ending inventory was overstated by $205,000 whereas the 2016 ending inventory was understated by $75,000.Ignoring income tax effects,by what amount should the beginning retained earnings be adjusted on January 1,2017?
A)$75,000 debit
B)$75,000 credit
C)$130,000 debit
D)$205,000 credit
Correct Answer:
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