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What journal entry is required to correct mansang books

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Reference no: EM132000684

Question - Mansang Co. mistakenly missed $10,000 of inventory (shipped FOB shipping point, meaning that Mansang owned it when it left the vendor's warehouse) that was in transit to one of its warehouses on December 31, 2013.

An internal auditor caught the error on April 27, 2014. If Mansang has an effective tax rate of 35%, what journal entry is required to correct Mansang's 2014 books?

Reference no: EM132000684

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