In the Year 2009, the Internal Auditors of Blooper Inc

question 55

Essay

In the year 2009, the internal auditors of Blooper Inc. discovered that goods costing $12 million that were shipped f.o.b. shipping point in December of 2008 were in transit on 12/31/08. The goods were recorded as a purchase in December of 2008 but were not included in the 2008 year-end inventory.
Required:
Prepare the journal entry needed in 2009 to correct the error. Also, briefly describe any other measures Blooper would take in connection with correcting the error. (Ignore income taxes.)
Analysis:

Understand the concept of media as a stress reliever and its significance for social order.

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Understand the regulatory bodies overseeing broadcasting and telecommunications in Canada.

Understand the concept and impact of interference (proactive and retroactive) on memory retrieval.

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Definitions:

Linguistic Processes

Cognitive and neurological functions involved in the comprehension, production, and manipulation of language.

Lateralization

The tendency for some neural functions or cognitive processes to be more dominant in one hemisphere of the brain than the other.

Maturation

Unfolding of a natural sequence of physical and behavioral changes.

Learning Theory

An interdisciplinary field of study that describes how people absorb, process, and retain knowledge during learning.