On January 13, 2025, Carla Vista Corporation discovered that goods in transit of $115,150 with terms FOB shipping point were not included in the inventory count at the December 31, 2023 year-end. The goods were shipped on December 29, 2023 and received by Carla Vista on January 10, 2024. Prepare any correcting journal entry required, assuming Carla Vista uses a periodic inventory system, the books are closed for 2024 and ignore any income tax effects. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If n 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, 2025, Carla Vista Corporation discovered that goods in transit of $115,150 with terms FOB shipping point were not included in the inventory count at the December 31, 2023 year-end. The goods were shipped on December 29, 2023 and received by Carla Vista on January 10, 2024. Prepare any correcting journal entry required, assuming Carla Vista uses a periodic inventory system, the books are closed for 2024 and ignore any income tax effects. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If n 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

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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