Recording Entries to Correct Inventory Errors A company purchased merchandise on credit at December 31 of Year 1 for $18,000. That merchandise was in its warehouse that same day. This purchase was not recorded in Year 1 because the accounting department did not receive the invoice from the vendor, In Year 2 , the invoice was received, recorded, and paid. Required a. Assuming that financial statements are not yet issued for Year 1 when this error is discovered, what journal entry, if any, is recorded and dated as in Year 1 ? The company applies a perpetual inventory system. b. Assuming that financial statements are already issued for Year 1 when this error is discovered, what journal entry, if any, is recorded and dated as of january 1 of Year 2? ignore income taxes. - Note: if a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr, and Cr. answers blank (zero)