Loose Leaf for Fundamentals of Accounting Principles and Connect Access Card
Loose Leaf for Fundamentals of Accounting Principles and Connect Access Card
22nd Edition
ISBN: 9781259542169
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 4, Problem 13DQ

If a company recorded accrued salaries expense of S5oo at the end of its fiscal year, what reversing entry could be made? When would it be made?

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The December 31, 2024, inventory of Tog Company, based on a physical count, was determined to be $453,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $53,000. The purchase was recorded and paid for in 2025. Another supplier shipment costing $21,500 was correctly recorded as a purchase in 2024. However, the merchandise, shipped FOB shipping point, was not received until 2025 and was incorrectly omitted from the physical count. A third purchase, shipped from a supplier FOB shipping point on December 28, 2024, did not arrive until January 3, 2025. The merchandise, which cost $83,000, was not included in the physical count and the purchase has not yet been recorded. The company uses a periodic inventory system. Required: Determine the correct December 31, 2024, inventory balance and, assuming that the errors were discovered after the 2024 financial statements were issued, analyze the effect of the errors on 2024 cost of goods…
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Loose Leaf for Fundamentals of Accounting Principles and Connect Access Card

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How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License