Unformatted text preview: purchases were recorded in 20x2. Goods were bought in 20x2 and purchases were recorded in that year; however, the goods were not included in the December 31 inventory as they should have been. Goods bought in 20x2 were excluded from December 31 inventory, and purchases were recorded early in 20x3. Required : Use a + (plus sign) to denote that an item is too high as a result of the error, a – (minus sign) to denote that it is too low, and a 0 (zero) to indicate no effect....
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- Spring '09
- x3 Goods, common accounting errors, ity Dec Liabs