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30-11-2022
Business

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on december 31, 20x1, katherine company purchases merchandise with shipping terms fob destination. the company’s accountant records the purchase on the day the order is placed. the merchandise is not included in the ending inventory. no additional journal entry is made when the merchandise arrives on january 5, 20x2. assume that katherine company discovers the error at the beginning of 20x2. what journal entry should be made to correct the prior-year error?

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