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Create journal entries that company accountant prepare

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Reference no: EM132972076

In December 2020, the accountant for Eagle Corp. , a public company, noted that the following errors had been made by the bookkeeper:

  • Sales for 2019 included $16,500 that had been received in cash during 2019, but for which the related products were delivered in 2020. Title did not pass to the purchaser until 2020.
  • Ending inventory on December 31, 2019, was understated by $5,640. The December 31, 2020 ending inventory has not been adjusted to the Inventory account. Assume that Eagle has a periodic inventory system and that no adjustment has been made to the opening balance of the Inventory account.

Required:

Problem 1: Create the journal entries that the company's accountant would prepare in 2020, assuming that the errors are discovered while 2020 books are still open. Ignore income tax effects.

Reference no: EM132972076

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