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ABC Inc buys inventory from various suppliers. ABC Inc policy requires that a prenumbered receiving report be prepared for each receipt. All purchases are FOB

ABC Inc buys inventory from various suppliers. ABC Inc policy requires that a prenumbered receiving report be prepared for each receipt. All purchases are FOB destination. At the time of receipt, the receiving clerk writes the receipt date on the receiving report. The last receipt for the year ended December 31 2019 was recorded on document 4335. Receiving reports are attached to vouchers in the order that the accounting clerk receives the receiving report.

For late December and early January, receiving reports are attached to vouchers as follows:

Receiving Report No.

Voucher No.

4331

8327

4332

8331

4333

8332

4334

8335

4335

8336

4336

8333

4337

8334

4338

8338

4339

8340

4340

8339

PURCHASE JOURNAL -- December 2019

Day of Month

Voucher No.

Amount of Purchase

29

8332

834.11

29

8336

5,541.99

29

8334

2,763.56

30

8340

47.77

30

8327

1,476.95

PURCHASE JOURNAL -- January 2020

Day of Month

Voucher No.

Amount of Purchase

2

8338

3,540.52

2

8335

4,219.50

3

8333

6,795.80

3

8331

4,732.32

3

8339

646.58

Required: Determine which inventory receipts, if any, are recorded in the wrong accounting period. Based on your determination, prepare an adjusting entry to correct the financial statements for the year ended December 31 2019. Assume that the company uses a periodic inventory system (inventory and cost of sales do not need to be adjusted).

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