A relatively small number of machines have been shipped on consignment. These transactions have been recorded as ordinary sales and billed as such. On December 31 of each year, machines billed and in the hands of consignees amounted to:

2016: None

2017: None

2018: $4,800

It is now February 2019 and we've discovered this accounting error.

I need to figure out the entry if the trial balance has been prepared but the books HAVE NOT been closed for 2018 &

I need to figure out the entry if the trial balance has been prepared but the books HAVE been closed for 2018

My Attempt:

Books Open:

Debit--- Consignment Inventory 4,800

Sales Revenue 4,800

Credit--- Inventory 4,800

Accounts Receivable 4,800

Books Closed:

Debit--- Retained Earnings 4,800

Credit--- Sales Revenue

Would this be correct?