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hello i had similar question before in audit exam
1- If record an asset purchase as an expense. what is Correcting entry?
i confused between answers which one is correct?
Dr. Fixed Asset
Cr. Expense
or
Dr. Fixed Asset
Cr. retain earning
so any correction should effect retain earning or not2- what is correct JE if accountant record Prepaid expense as expense?
thank youBSAIF
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