male ( 11 ) Approximately 8 8 percent of the inventory purchased by Diamond is sold in the year of purchase , the remaining 2 percent being carried in inventory to the following fiscal year ( b ) Continue with Requirement 5 ( a ) above . Assume that the accounting errors are discovered in September 15 201 before Diamond's books for fiscal 20 I are closed for SEC filing purposes . Present a journal entry to record the error correction ( * ) Continue with Requirement 5 ( a ) above . Assume that the accounting errors are discovered on September 25 201 , after Diamond's books for fiscal 20 I are closed Present a journal entry to record the error correction ( 2 ) An article in the Wall Street Journal of September 27 201 1 stated , " Anytime companies make extraordinary payments to suppliers , there is an increased likelihood of financial shenanigans being used to shift expenses and cash flows between periods to manipulate the appearance of the company' s financial statements " ( Wall Street Journal 201 ) . Do you