Business, 02.05.2021 05:00 awsome12dusk

Your client took a complete physical inventory count under your observation as of December 15 and adjusted the inventory control account (perpetual tory method) to agree with the physical inventory count. After considering the count adjust ments as of December 15 and after reviewing the transactions recorded from December 16 to December 31, you are almost ready to accept the inventory balance as fairly stated. However, your review of the sales cutoff as of December 15 and December 31 disclosed the following items not previously considered Sales Date Cost Price Shipped Billed Credited to Inventory Control $28,400 $36,900 12/14 12/16 12/16 39,100 50,200 12/10 12/19 12/10 18,900 21,300 1/2 12/31 12/31 Required: what adjusting journal entries, if any, would you make for each of these items? Explain why each adjustment is necessary. (AICPA adapted)

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Your client took a complete physical inventory count under your observation as of December 15 and ad...

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