Record the purchases and related accounts payable, Accounting Basics

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Record the purchases and related accounts payable

Response to the following problem:

An entry to record Purchases and related Accounts Payable of $13,000 for merchandise purchased on December 23, 2015, was recorded in January 2016. This merchandise was not included in inventory at December 31, 2015. What effect does this error have on reported net income for 2015?

What entry should be made to correct for this error, assuming that the books are not closed for 2015?

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Accounting Basics: Record the purchases and related accounts payable

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