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Question - A company that uses a perpetual inventory system made $110,000 worth of purchases throughout 2017. At the end of the year it was discovered that a $20,000 purchase made in December had been recorded incorrectly. When the December purchase was recorded, the accountant debited cost of goods sold and credited cash. At the beginning of the year, the company had an inventory balance of $78,000 and after their year-end inventory count determined that they had $31,000 on hand. Record any adjusting entries required.
Required - Prepare the correcting entry for the following situations above. Do NOT reverse the original entry and re-do it correctly. Simply correct the error(s) that have been made.
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