The following errors occurred related to a periodic inventory system: a. In 2014, at December 28...
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The following errors occurred related to a periodic inventory system: a. In 2014, at December 28 we purchased $13,000 of inventory on account that shipped FOB destination on December 30, and arrived on Jan 3rd. We recorded the inventory purchase when it shipped. The intern only counted the inventory we had on hand on Dec 31st. b. In 2015, the new intern did not count an entire room of inventory worth $6,000. Net Income Assets Liabilities Owners' Equity Year 2014 2015 2016 The following errors occurred related to a periodic inventory system: a. In 2014, at December 28 we purchased $13,000 of inventory on account that shipped FOB destination on December 30, and arrived on Jan 3rd. We recorded the inventory purchase when it shipped. The intern only counted the inventory we had on hand on Dec 31st. b. In 2015, the new intern did not count an entire room of inventory worth $6,000. Net Income Assets Liabilities Owners' Equity Year 2014 2015 2016
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To address the errors related to the periodic inventory system we need to make adjustments to the fi... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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