For each of the three scenarios in P6-31, provide the journal entry that should be recorded in 2013 to correct the error.
In exercise
a. Your analysis of inventory indicates that inventory at the end of 2012 was overstated by $15,000 due to an inventory count error. Inventory at the end of 201.3 was correctly stated.
b. Invoices in the amount of $24,000 for inventory received in December 2012 were not entered on the books in 2012. They were recorded as purchases in January 2013 when they were paid. The goods were counted in the 2012 inventory count and included in ending inventor)' on the 2012 financial statements."
c. Goods received on consignment amounting to $37,000 were included in the physical count of goods at the end of 2013 and included in ending inventory on the 2013 financial statements.12