FAR questions about corretions

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September 19, 2015 at 12:47 am #197042

jessica62802
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Hi,

I have some questions about correction/adjustment for last year balances. If an accountant found the allowance for uncollectible accounts of year 1 was too low, then he wanted to correct it in year 2. Is this correct, if he did Dr. Retain Earnings Cr. Allowance for uncollectible accounts? Thank you.

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