Question $16$ of $18$

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On January $13,2024,$ Ivanhoe Corporation discovered that goods in transit from a supplier of $$113,150$ with terms FOB shipping point were not included in the inventory count at the end of the year, December $31,2023,$ although the purchase had been recorded in the accounting records. The goods were shipped on December $29,2023$ and received by Ivanhoe on January $10,2024.$

Prepare any correcting journal entry required, assuming Ivanhoe uses a periodic inventory system, the books are closed for $2023$ and ignore any income tax effects. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

Inventory

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List of Accounts

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