III. Tan Company sells laptop computers. Inventory is maintained using the perpetual inventory system. All purchases of inventory are on account; accounts payable are paid in the month after purchase. On December 31, 2022, the inventory account had a balance of $52,500 prior to adjustment. A new accounting system was implemented in 2022 and proper accounting for transactions around year-end was not properly controlled. Some events that occurred are as follows. 1. Laptops shipped to a customer on January 2, 2023, which cost $6,000, were included in inventory on December 31, 2022. The sale was recorded in 2023. 2. Laptops costing $13,000 received December 31, 2022, were recorded as received on January 2, 2023. 3. Laptops received in November 2022 costing $4,200 were recorded twice in the inventory account. 4. Laptops shipped to a customer December 28, 2022, FOB shipping point, which cost $9,000, were not received by the customer until January 2023. The laptops were not included in the ending inventory. 5. Laptops on hand on December 31, 2022, costing $6,100 were never recorded in the accounting records because the invoice was not paid until January 2023. 6. A supplier shipped laptops costing $7,500 to the company on December 28, 2022, FOB shipping point. Tan received the shipment on January 3, 2023, so did not include them in inventory. Also I will give you my answers and my instructor feedback try to make the corrections Laptops shipped to a customer on January 2, 2023, which cost $6,000, were included in inventory on December 31, 2022. The sale was recorded in 2023. To correct this, we need to reduce the inventory and recognize the cost of goods sold in 2022: Entry: Debit Cost of Goods Sold $6,000 Notice the date of the sale, Abdulla. Does it belong in 2022? Credit Inventory $6,000 Laptops costing $13,000 received on December 31, 2022, were recorded as received on January 2, 2023.To correct this, we need to include these laptops in the 2022 inventory: Entry: Debit Inventory $13,000 Credit Accounts Payable $13,000 correct Laptops received in November 2022 costing $4,200 were recorded twice in the inventory account. To correct this, we need to remove the duplicate entry Entry: Debit Inventory (to reduce) $ 4,200 In your entry, you debited and credited inventory. These entries cancel out, leaving the account balance where it was originally. Credit Inventory (duplicate entry) $ 4,200 You do need to reduce inventory to remove the duplicate entry. What other account needs to be adjusted? Laptops shipped to a customer on December 28, 2022, FOB shipping point, which cost $9,000, were not received by the customer until January 2023. The laptops were not included in the ending inventory To correct this, we need to reduce the inventory and recognize the cost of goods sold in 2022: Entry: Debit Cost of Goods Sold $ 9,000 Credit Inventory $ 9,000 Laptops on hand on December 31, 2022, costing $6,100 were never recorded in the accounting records because the invoice was not paid until January 2023. To correct this, we need to include these laptops in the 2022 inventory: Entry: Debit Inventory $6,100 Credit Accounts Payable $6,100 correct A supplier shipped laptops costing $7,500 to the company on December 28, 2022, FOB shipping point. Tan received the shipment on January 3, 2023, so did not include them in inventory: To correct this, we need to include these laptops in the 2022 inventory: Entry: Debit Inventory $7,500 Credit Accounts Payable $7,500 Required: (a) Prepare entries necessary to correct the inventory balance at December 31, 2022 Laptops shipped to a customer on January 2, 2023, which cost $6,000, were included in inventory on December 31, 2022. The sale was recorded in 2023. To correct this, we need to reduce the inventory and recognize the cost of goods sold in 2022: b) What is the inventory balance after appropriate corrections have been made? To determine the corrected inventory balance at December 31, 2022, you need to sum up the corrected entries. Here's the calculation Please follow instructions and answer in order !! Also separate your work so easy to understand when reading also double check your work to see its correct !! Make your post professional and organized !!

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