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Prepare any correcting journal entry required

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Point 1: On January 13, 2022, Sandhill Corporation discovered that goods in transit of $115,300 with terms FOB shipping point were not included in the inventory count at the December 31, 2020 year-end. The goods were shipped on December 29, 2020 and received by Sandhill on January 10, 2021.

Question 1: Prepare any correcting journal entry required, assuming Sandhill uses a periodic inventory system, the books are closed for 2021 and ignore any income tax effects. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Reference no: EM132484277

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