In the course of routine checking of all journal entries prior to preparing year-end reports, Betty Eller discovered several strange entries. She recalled that the president’s son Joe had come in to help out during an especially busy time and that he had recorded some journal entries. She was relieved that there were only a few of his entries, and even more relieved that he had included rather lengthy explanations. The entries Joe made were:
(1) Work in Process Inventory 25,000
Cash 25,000
(2) Manufacturing Overhead 12,000
Cash 12,000
(3) Wages Expense 120,000
Cash 120,000
(4) Work in Process Inventory 3,000
Raw Materials Inventory 3,000
(a) How should Joe have recorded each of the four events?
(b) If the entry was not corrected, which financial statements (income statement or balance sheet) would be affected? What balances would be overstated or understated?
Answers: 1
Other questions on the subject: Business
Business, 22.06.2019 13:30, drippyc334
What do you recommend adam do to increase production in a business setting that does not seem to value high productivity?
Answers: 3
Business, 22.06.2019 14:00, Kate1678
Wallace company provides the following data for next year: month budgeted sales january $120,000 february 108,000 march 140,000 april 147,000 the gross profit rate is 35% of sales. inventory at the end of december is $29,600 and target ending inventory levels are 10% of next month's sales, stated at cost. what is the amount of purchases budgeted for january?
Answers: 1
Business, 22.06.2019 16:40, kyleap984ovm04g
Determine the hrm’s role in the performance management process and explain how to ensure the process aligns with the organization’s strategic plan.
Answers: 1
Business, 22.06.2019 19:00, xojade
1. what must one do to perform the essential managerial task of controlling in achieving organizational goals? a. motivate, coordinate, and energize individuals and groups to work together to achieve organizational goals b. choose appropriate organizational goals and courses of action to best achieve those goals c. establish task and authority relationships that allow people to work together to achieve organizational goals d. establish accurate measuring and monitoring systems to evaluate how well the organization has achieved its goals
Answers: 1
You know the right answer?
In the course of routine checking of all journal entries prior to preparing year-end reports, Betty...
Questions in other subjects:
History, 03.09.2019 23:20
Mathematics, 03.09.2019 23:20
