FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help here! Zoom Bee Bhd determined its ending inventory at cost and at NRV on 31 December 2020, 31 December 2021 and 31 December

Need help here!

image text in transcribed

Zoom Bee Bhd determined its ending inventory at cost and at NRV on 31 December 2020, 31 December 2021 and 31 December 2022, as shown below. REQUIRED: Prepare the journal entries required on 31 December 2021 and 31 December 2022, assuming that Zoom Bee Bhd uses the perpetual inventory system and loss method with allowance account reduced to LCNRV

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Auditing

Auditing

Authors: Allan Millichamp, John Taylor

9th Edition

1844809404, 978-1844809400

More Books

Students also viewed these Accounting questions

Question

★★★★★
West Aston discovered a significant fraud in the accounting records of a high profile client. The story has been broadcast on national airways. Aston was unable to resolve his remaining concerns with...

Answered: 1 week ago

Question

★★★★★
A rigid tank contains 2 kg of an ideal gas at 4 atm and 40oC. Now a valve is opened, and half of mass of the gas is allowed to escape. If the final pressure in the tank is 2.2 atm, the final...

Answered: 1 week ago

Question

★★★★★
Given the Internet is predicated on the notion of open, uncensored, and unfi ltered input, how might unethical behavior in social media be managed?

Answered: 1 week ago

Question

★★★★★
Use discriminant analysis to classify the new data in the Excel file Credit Approval Decisions Coded using only credit score and years of credit history as input variables.

Answered: 1 week ago

Question

★★★★★
Required information [The following information applies to the questions displayed below.) Westerville Company reported the following results from last year's operations: Part 11 of 15 Sales...

Answered: 1 week ago

Question

★★★★★
Solve for V(u) ? Although Aspeon's EBIT os expercted to be $32 million, there is a great deal of uncertainty in the estimate. as indicated by the probabilities below. Assume Aspeon has two...

Answered: 1 week ago

Question

★★★★★
Refer to Case Study D - The presentation You must create presentation (report) that will promote the organisation's products/services to the business community at a local trade event. This is raising...

Answered: 1 week ago

Question

★★★★★
You act for the vendor of a travel agency business known as "Golden Wings Travel". The name of the vendor is Beaumont Investments Pty Ltd, the trustee of the Beaumont Family Trust, and the company...

Answered: 1 week ago

Question

★★★★★
1. The surface area of an inflating weather balloon is described by A(x) = 4x 1 where x is the number of seconds and A is measured in L. a) Determine the average rate of change between 3 and 9 sec....

Answered: 1 week ago

Question

★★★★★
4. The exit gas from an alcohol fermenter is an air-CO mixture containing 10 mol% CO that is to be absorbed in a 5.0 M triethanolamine (TEA) solution containing 0.020 mol CO2/mol TEA. The column...

Answered: 1 week ago

Question

★★★★★
An aluminum foil manufacturer wants to improve the quality of his product and is trying to develop a probability model for the flaws that occur in a sheet of foil. Assume that X, the number of flaws...

Answered: 1 week ago

Question

★★★★★
What are some of the security considerations organizations must understand when implementing a human resource information system?

Answered: 1 week ago

Question

★★★★★
LO2 Discuss the constraints faced in a typical recruitment process.

Answered: 1 week ago

Question

★★★★★
What are some popular approaches to matching the supply of and demand for human resources? Briefly discuss two approaches (each) for situations when demand exceeds and is less than supply of human...

Answered: 1 week ago

Previous Question Next Question