2/assessment-player/index.html?launchid=7c882438-4641.4021-b9d1-561fc6b61a078/question/18 kam #2 - Chapters 4,5,& 6 Question 19 of 20 .../10 Premier Bank and Trust is considering giving Sage Hill Company a loan. Before doing so, they decide that further discussions with Sage Hill's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $410,760. Discussions with the accountant reveal the following. 1 2. Sage Hill received goods costing $61.740 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $410,760 Sage Hill sold goods costing $51.660 to Cusa Company, FOB shipping point, on December 28 for $81.900. The goods are not expected to arrive at Cusa until January 12. The goods were not included in the physical inventory because they were not in the warehouse The physical count of the inventory did not include goods casting $112,140 that were shipped to Sage Hill FOB destination on December 27 and were still in transit at year-end. Sage Hill received goods costing $34,020 on January 2. The goods were shipped FOB shipping point on December 26 by Noble Co. The goods were not included in the physical count Sage Hill sold, for 569.300 goods costing $47,880 to Limerick Co. FOB destination, on December 30. The goods were received at Limerick on January 8. They were not included in Sage Hill's physical inventory 3 4 5. Type here to search ORE 78F AQI 72 10 7/4 hp rept (b) What correcting entry would have to be made for item 4? (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit List of Accounts Save for later Attempts: 0 of 1 used Submit Answer re to search 78*F AQI 72 hp