To fix the error of forgetting to account for the property taxes owed, the accountants could attempt to make a correction through a journal entry. This allows them to record the expense associated with the property taxes and adjust the relevant accounts accordingly before the financial statements are finalized.
Imagine the accounting team forgot that your company had to pay property taxes on its warehouse. Assuming the tax bill hasn’t been paid yet, where could your accountants attempt to fix this error through budget adjustments?
(1 point)
Responses
worksheet
worksheet
trial balance
trial balance
general ledger
general ledger
journal entry
1 answer
1 answer