I On December 31, 20x1, Katherine Company purchases merchandise with shipping terms FOB destination. The company's accountant records the purchase on the day the order is placed. The merchandise is not included in the ending inventory. No additional journal entry is made when the merchandise arrives on January 5, 20x2. Assume that Katherine Company discovers the error at the beginning of 20x2. What journal entry should be made to correct the prior-year error? Multiple Choice Debit Inventory, Credit Cost of Goods Sold Debit Retained Earnings, Credit Inventory No journal entry is necessary Debit Inventory, Credit Retained Earnings

I On December 31, 20x1, Katherine Company purchases merchandise with shipping terms FOB destination. The company's accountant records the purchase on the day the order is placed. The merchandise is not included in the ending inventory. No additional journal entry is made when the merchandise arrives on January 5, 20x2. Assume that Katherine Company discovers the error at the beginning of 20x2. What journal entry should be made to correct the prior-year error? Multiple Choice Debit Inventory, Credit Cost of Goods Sold Debit Retained Earnings, Credit Inventory No journal entry is necessary Debit Inventory, Credit Retained Earnings

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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