On January 13, 2021, BlossomCorporation discovered that goods in transit from a supplier of $114,150 with terms FOB shipping point were not included in the inventory count at the end of the year, December 31, 2020, although the purchase had been recorded in the accounting records. The goods were shipped on December 29, 2020 and received by Blossom on January 10, 2021. Prepare any correcting journal entry required, assuming Blossom uses a periodic inventory system, the books are closed for 2020 and ignore any income tax effects.
On January 13, 2021, BlossomCorporation discovered that goods in transit from a supplier of $114,150 with terms FOB shipping point were not included in the inventory count at the end of the year, December 31, 2020, although the purchase had been recorded in the accounting records. The goods were shipped on December 29, 2020 and received by Blossom on January 10, 2021. Prepare any correcting journal entry required, assuming Blossom uses a periodic inventory system, the books are closed for 2020 and ignore any income tax effects.
Chapter1: Financial Statements And Business Decisions
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On January 13, 2021, BlossomCorporation discovered that goods in transit from a supplier of $114,150 with terms FOB shipping point were not included in the inventory count at the end of the year, December 31, 2020, although the purchase had been recorded in the accounting records. The goods were shipped on December 29, 2020 and received by Blossom on January 10, 2021.
Prepare any correcting
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