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Unformatted text preview: -Over 2 years, the total net income is correct because 2 errors cancel out-Disclose:-major inventory classifications-basis of accounting (cost or LCM)-costing method-Estimating inventories-GP Rate= (net sales-COGS)/net sales-assumption: gp rate=gp rate (expected)-gp rate= (net sales-estimated COGS)/net sales-estimated ending inventory=COGAS-estimated COGS-No journal entries for payments from petty cash fund-DM-bank service charge-NSF check-CM-collect notes receivable-interest earned-Adjustments to bank balance per bank-deposits in transit-outstanding checks-bank errors-adjustments to book balance-notes collected by bank-NSF checks-check printing or service charges-company errors...
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This note was uploaded on 11/15/2011 for the course ACCT 272 taught by Professor Mensah during the Fall '08 term at Rutgers.
- Fall '08
- Financial Accounting