An entry to record Purchases and related Accounts Payable of $13,000 for merchandise purchased on December 23,
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An entry to record Purchases and related Accounts Payable of $13,000 for merchandise purchased on December 23, 2013, was recorded in January 2014. This merchandise was not included in inventory at December 31, 2013. What effect does this error have on reported net income for 2013? What entry should be made to correct for this error, assuming that the books are not closed for 2013?
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The error in recording the purchases and related Accounts Paya...View the full answer
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