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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

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 14RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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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
Transcribed Image Text: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
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