Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 26, 2024

Inventory March 1, 2018 $171,750 Inventory February 28, 2019 $202,130 a) STATE the journal entries that are required to recognize the opening and closing inventory

Inventory March 1, 2018 $171,750

Inventory February 28, 2019 $202,130

a) STATE the journal entries that are required to recognize the opening and closing inventory figures above.

b) Explain in your own words why there is a need for us to make these year end adjustments.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Impact On Decision Makers

Authors: Gary A. Porter, Curtis L. Norton

7th Edition

1111464936, 978-1111464936

More Books

Students also viewed these Accounting questions

Question

★★★★★

Security Service Company adjusts its accounts at the end of the month. On November 30, adjusting entries are prepared to record: Depreciation expense for November. Interest expense that has accrued...

Answered: 1 week ago

Question

★★★★★

7. A firm sells a product for $10 per unit. The variable expenses are $6 per unit, and the fixed expenses total $35,000 per period. By how much will net operating income change if sales are expected...

Answered: 1 week ago

Question

★★★★★

How is ????e computed from the information contained in the residuals?

Answered: 1 week ago

Question

★★★★★

Use the information contained below to compress one time unit per move using the least cost method. Assume the total indirect cost for the project is $700 and there is a savings of $50 per time unit...

Answered: 1 week ago

Question

★★★★★

Q2: Job Costing Auckland University was approached by ANZ bank in 2020 to offer three short courses (Principle of Accounting, Management Accounting and Intermediate Accounting for its staff....

Answered: 1 week ago

Question

★★★★★

Multiple Select Question Select all that apply When compared to a company with higher fixed costs and lower variable costs, a company with lower fixed costs and higher variable costs, has...

Answered: 1 week ago

Question

★★★★★

Determine the moment generated by the 425 N force applied at point D about point C Note: Remember Counterclockwise moments are considered positive. Justify your answer to receive full points. 215 mm...

Answered: 1 week ago

Question

★★★★★

A recruiter is using a consistent set of questions to interview candidates for retail cashier roles in locations across the US Which question ( s ) would be inappropriate to ask? Select all that...

Answered: 1 week ago

Question

★★★★★

A customer entrusts certain important documents for safe custody to his bank.The bank keeps the documents in a wooden box.Later it is found that the documents were destroyed by white ants.What is the...

Answered: 1 week ago

Question

★★★★★

Two sides of a triangle measure 36 m and 49 m One possible dimension of the third side is Two sides of a triangle measure 36 m. and 49 m. One possible dimension of the third side is?

Answered: 1 week ago

Question

★★★★★

59. Trebecker Construction plans to discontinue its roofing segment which last year generated a contribution margin of $65,000 and incurred $70,000 in fixed costs. If the segment is discontinued,...

Answered: 1 week ago

Question

★★★★★

Assume that you are a new manager in a hotel and you have been asked to prepare a job description for room attendants. What would you include as 5 key duties, and what would you list as 3 key skills?...

Answered: 1 week ago

Question

★★★★★

Would working in teams be effective for call centre employees at ServiceOntario? Why or why not?

Answered: 1 week ago

Question

★★★★★

What are some of the pitfalls of employee teams? How can these be managed or lessened?

Answered: 1 week ago

Previous Question Next Question