3 On Track Inventory Reconciliation Case General Ledger balance 8 3 Stock Status total ###########a h Review of the general ledger and the inventory stock status revealed several issues and differences. 1)A truckload of toy trains was received on 31 December, however, the receipt was not recorded to the general ledger account. The liability was not recorded either. Value of the trains was $45,000. Freight was $2,500. 2) An entry was made in the general ledger for $7,312 related to sales samples. This represented the value of inventory removed from the warehouse floor to be used as samples and promotional expense. No adjustment was reflected in stock records 3) During a routine spot check of record accuracy, staff found some broken and missing stock. The cost of the damaged and missing items totaled $3,570. This was written off the inventory records but never posted to the general ledger. 4) An order of slot cars and CD's received special handling due to an export order The cost these orders was $29,500. The sales department fully arranged for the invoicing and other details of the transaction. Items shipped on 15 December Accountants recorded the entire transaction in the general ledger, but the inventory records were not updated. Wheels sets correctly to the stock 5)Due to a costing error a receipt of Hot posted status as $7.519 but erroneously posted to the general ledger as i Virement the avalable fools repare a keconciliatinm base en facts available 2 Based on the and the Prepare Journal entries necessary forthis Case. are