=+2. How would you interpret what has happened in light of your analysis and the interviews?

Jack Thule just began working as a cost accountant for Toad Industries Inc., which manufactures gift items. Jack is preparing to record summary journal entries for the month.

Jack begins by recording the factory wages as follows:

Wages Expense 60,000 Wages Payable 60,000 Then the factory depreciation:

Depreciation Expense—Factory Machinery 16,000 Accumulated Depreciation—Factory Machinery 16,000 Jack’s supervisor, Duke Fulbright, walks by and notices the entries. The following conversation takes place: