On January 13, 2024, Blossom Corporation discovered that goods in transit from a supplier of $115,550 with terms FOB shipping point were not included in the inventory count at the end of the year, December 31, 2023, although the purchase had been recorded in the accounting records. The goods were shipped on December 29, 2023 and received by Blossom on January 10, 2024. Prepare any correcting journal entry required, assuming Blossom uses a periodic inventory system, the books are closed for 2023 and ignore any income tax effects. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

On January 13, 2024, Blossom Corporation discovered that goods in transit from a supplier of $115,550 with terms FOB shipping point were not included in the inventory count at the end of the year, December 31, 2023, although the purchase had been recorded in the accounting records. The goods were shipped on December 29, 2023 and received by Blossom on January 10, 2024. Prepare any correcting journal entry required, assuming Blossom uses a periodic inventory system, the books are closed for 2023 and ignore any income tax effects. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

Name: 10,please answer the following question, thanks On January 13, 2024, B
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Description: 10,please answer the following question, thanks On January 13, 2024, Blossom Corporation discovered that goods in transit from a supplier of $115,550 with terms FOB shippingpoint were not included in the inventory count at the end of the year, Decemb

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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