Adjusting entry required
Adjusting entry requi
July 31, 2008
Bank statement balance
Deposit of July 31
Adjusted bank ba
1. Violates separation of duties. The company should implement a policy whereby the
person recording incoming cash receipts is not responsible for posting the payments to
the customer accounts.
2. Violates the principle of establishing responsibili
Retail Inventory method :
Beginning Inventory on Jan. 1
Merchandise Available for sale
Merchandise inventory on Dec.31
Merchandise Inventory % a cost on Dec. 31 = 573,92
Cost of goods and number of units available for sale:
Purchases on 10th Feb.
Purchases on 13th March
Purchases on 21st Aug
Purchases on 5th Sep.
Cost of goods available for sale =
1. Net sales:
Less: Sales discounts.
Sales returns and allowances.
2. Cost of Merchandise purchased:
Invoice cost of merchandise purchased.
Purchase discounts received.
Purchase returns an
ACC 225 CheckPoint Computing Inventory Balances and Lower of
Cost or Market
Assigning costs to inventory perpetual systems
Tevin Trader starts a merchandising business on December 1 and enters into three inventory
10 units @ $
Post your response to the following: Describe one of the four basic financial statements,
and answer the following questions.
For what is it typically used?
What information is the most valuable?
How does it complement another financial
Post your response to the following: Interview a friend or family member about his/her
work environment. Is his/her organization a sole proprietorship, partnership, or
corporation? Who is involved with the accounting decisions and informat
Axia College of University of Phoenix
Through the use of financial statements businesses can efficiently provide internal and
external users with information re
Post your responses to the following:
Is an accounting professional guaranteed to act ethically just because he or she has completed a
course in ethics? Explain your answer.
Having nearly reached the end of this course, what do you think you have learned
RUNNINGHEAD: Briefly Applying a Decision-Making Framework
Briefly Applying a Decision-Making Framework
The stakeholders in this situation consists of Anne Distange (CEO of Linkage
Construction), investors, company shareholders, financial lending institu
RUNNINGHEAD: Fully Applying a Decision-Making Framework
Fully Applying a Decision-Making Framework
Various reasons exist for ethical dilemmas in business. We have to recognize these
difficulties and analyze the actions that led to the predicament while
Post your response to the following: Answer questions 4 and 5 on p. 264 (Ch. 4) of the text.
Provide a hypothetical example to illustrate your answer to Question 4. Explain your answers
4. When should an accountant place his or her duty to the