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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 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.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 11MC: Which of the following describes features of a perpetual inventory system? A. Technology is normally...
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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 journal entry required, assuming Blossom uses a periodic inventory system, the books are closed for 2020 and ignore any income tax effects. (Credit account

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