Recording Entries to correct Inventory Errors A company purchased merchandise on credit at December 31, 2020, for 58,400. That merchandise was in its warehouse that same day. This purchase was not recorded in 2020 because the accounting department did not receive the invoice from the vendor in 2021, the invoice was received, reported and paid. Assume financial statements are not found yet for 2020 butusting entries have been completed Assuming that financial statements are not yet sued for 2020 when this erroris discovered, what journal entry, if any, is recorded? The company applies a periodic Inventory system . Assuming that financal statements are already issued for 2020 when this erroris discovered, what journal entry, if any, is recorded tenore income taxes Account Name Dr. Or Date Dec 2030 Account Name Cr. Date ht.2021 D 0 Check Account cele Irwentory Awance is made to Final Allowance to do wtory 10 Market Account Patie Bonus Pay Estimated to purchase Betained Totodanige prior Period Act Next Previous Costoso Concension Les Com