Please let me know if I'm right!!
I made the following errors in counting its year-end physical inventories:
2001 $ 60 overstatement
2002 $108 understatement
2003 $90 overstatement
t I'm thinking the entry to correct the accounts at the end of 2003 is
Retained Earnings $48
Cost of Goods Sold $42
Inventory $90
or should I go with next
Retained Earnings $18
Cost of Goods Sold $72
Inventory $90