Question: PLEASE HELP ASAP !!!!! THUMBS UP!! a. Inventory at December 31, 2019, was understated by $6,200. discover the following errors related to the 2019 and

PLEASE HELP ASAP !!!!! THUMBS UP!!

PLEASE HELP ASAP !!!!! THUMBS UP!! a. Inventory at December 31, 2019,

a. Inventory at December 31, 2019, was understated by $6,200. discover the following errors related to the 2019 and 2020 financial statements: You have been hired as the new controller for the Ralston Company. Shortly after joining the company in 2021. you oing inventory b. Inventory at December 31, 2020, was overstated by $9,200. On December 31, 2020. inventory was purchased for $3,200 (f.o.b. shipping point). The company did not record the purchase until the inventory was paid for early in 2021. At that time, the purchase was recorded by a debit to purchase and a credit to cash. The company uses a periodic inventory system. Required: Prepare a journal entry to correct the errors assuming that the errors discovered in 2021 (after the 2020 financial statements were issued)

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