Splish Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The tramactions belowrelate to the Raw Materials inventory account, which is debited for materials purchased and credited for materials requbitioned for use 1. Aninvoice for $17,820, terms tob destination, was recelved and entered January 2, 2020 The receiving report shows that the materials were recelved December 28, 2019 2 Materials costing $61.600 shipped foh destination were not entered by December 31,2019 Tbecause they were in a railroad car on the company's siding on that date and had not been unloaded 3 Materials costing $16060 were returned to the suppler on December 29, 2019, and were shipped fob shipping point. The return was entered on that date, even though the materials are not expected to reach the supplier's place of buniness until January 6, 2020. 4 Animveice for $16.500 terms to b shipping peint, was received and entered December 30, 2019. The receving report shows that the materials were recelved January 4,2020, and the bill of lading shows that they were shipped January 2, 2020 5. Materials costing $43.560 were received December 30, 2019, but no entry was made for them because "they were ondered with a specified delivery of no earlier than January 50., 2020 Prepare correcting general journal entries required at December 31, 2019, assuming that the books have neot been closed e entry e ct Nonryor the account ses andeterfor the ourts Cedit accunt saaoaticaly indented wh amourt is entered Do set indent marualy) No. Account Titles and Explanation Debit Credit 1 2. 3. I 5. Splish Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. An invoice for $17,820, terms f.o.b. destination, was received and entered January 2, 2020. The receiving report shows that the materials were received December 28, 2019. 2. Materials costing $61,600, shipped f.o.b.destination, were not entered by December 31, 2019, "because they were in a railroad car on the company's siding on that date and had not been unloaded. 3. Materials costing $16,060 were returned to the supplier on December 29,2019, and were shipped f.o.b. shipping point. The return was entered on that date, even though the materials are not expected to reach the supplier's place of business until January 6, 2020. 4. An invoice for $16,500, terms f.o.b.shipping point, was received and entered December 30, 2019. The receiving report shows that the materials were received January 4, 2020, and the bill of lading shows that they were shipped January 2, 2020. 5. Materials costing $43,560 were received December 30, 2019, but no entry was made for them because "they were ordered with a specified delivery of no earlier than January 10, 2020
