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Review the Inventory Asset Transaction report and the Inventory Valuation Detail report for an Inventory Asset account and answer the following questions: What caused the

Review the Inventory Asset Transaction report and the Inventory Valuation Detail report for an Inventory Asset account and answer the following questions:

What caused the discrepancy between the two report totals?

a/ $1000 of Rock Foundations were purchased without using a product/service item

b/ The reports are for all dates, not specific point in time

c/ One thousand Sprinkler Heads were purchased without using a product/service item

d/ A negative quantity of pumps was sold.

image text in transcribedimage text in transcribed
Craig's Design and Landscaping Services INVENTORY ASSET TRANSACTION REPORT All Dates DATE TRANSACTION TYPE NUM NAME MEMO/DESCRIPTION ACCOUNT SPLIT AMOUNT BALANCE Inventory Asset 11/02/2018 Bill Norton Lumber and Building Fountain Pump Inventory Asset Accounts Payable (A/P) 80.00 80.00 Materials 11/02/2018 Bill Norton Lumber and Building Rock Fountain Inventory Asset Accounts Payable (A/P) 125.00 205.00 Materials 11/02/2018 Invoice 1036 Freeman Sporting Goods:0969 Fountain Pump Inventory Asset Accounts Receivable (A/R) -10.00 195.00 Ocean View Road 11/02/2018 Invoice 1036 Freeman Sporting Goods:0969 Rock Fountain Inventory Asset Accounts Receivable (A/R) -125.00 70.00 Ocean View Road 11/02/2018 Check 75 Hicks Hardware Fountain Pump Inventory Asset Checking 30.00 100.00 11/02/2018 Check 75 Hicks Hardware Sprinkler Pipes Inventory Asset Checking 62.50 162.50 11/02/2018 Check 75 Hicks Hardware Sprinkler Heads Inventory Asset Checking 11.25 173.75 11/02/2018 Check 75 Hicks Hardware Rock Fountain Inventory Asset Checking 125.00 298.75 11/02/2018 Invoice 1035 Mark Cho Sprinkler Pipes Inventory Asset Accounts Receivable (A/R) 10.00 288.75 11/02/2018 Invoice 1035 Mark Cho Rock Fountain Inventory Asset Accounts Receivable (A/R) -125.00 163.75 11/02/2018 Inventory Qty Adjust START Opening inventory for Rock Inventory Asset Opening Balance Equity 375.00 538.75 Fountain 11/02/2018 Inventory Qty Adjust START Opening inventory for Rock Inventory Asset Opening Balance Equity 538.75 Fountain 11/02/2018 Invoice 1037 Sonnenschein Family Store Rock Fountain Inventory Asset Accounts Receivable (A/R) -125.00 413.75 11/02/2018 Invoice 1037 Sonnenschein Family Store Fountain Pump Inventory Asset Accounts Receivable (A/R) -10.00 403.75 11/02/2018 Inventory Qty Adjust START Opening inventory for Pump Inventory Asset Opening Balance Equity 403.75 11/02/2018 Inventory Qty Adjust START Opening inventory for Pump Inventory Asset Opening Balance Equity 160.00 563.75 11/02/2018 Inventory Qty Adjust START Opening inventory for Sprinkler Inventory Asset Opening Balance Equity 563.75 Heads 11/02/2018 Inventory Qty Adjust START Opening inventory for Sprinkler Inventory Asset Opening Balance Equity 7.50 571.25 Heads 11/02/2018 Inventory Qty Adjust START Opening inventory for Sprinkler Inventory Asset Opening Balance Equity 571.25 Pipes 11/02/2018 Inventory Qty Adjust START Opening inventory for Sprinkler Inventory Asset Opening Balance Equity 25.00 596.25 Pipes Us 8 Rock Fountains Inventory Asset Accounts Payable (A/P) 1,000.00 1,596.2511/02/2018 Inventory Qty Adjust START Opening inventory for Rock Inventory Asset Opening Balance Equity 538.75 Fountain 11/02/2018 Invoice 1037 Sonnenschein Family Store Rock Fountain Inventory Asset Accounts Receivable (A/R) -125.00 413.75 11/02/2018 Invoice 1037 Sonnenschein Family Store Fountain Pump Inventory Asset Accounts Receivable (A/R) -10.00 403.75 11/02/2018 Inventory Qty Adjust START Opening inventory for Pump Inventory Asset Opening Balance Equity 403.75 11/02/2018 Inventory Qty Adjust START Opening inventory for Pump Inventory Asset Opening Balance Equity 160.00 563.75 11/02/2018 Inventory Qty Adjust START Opening inventory for Sprinkler Inventory Asset Opening Balance Equity 563.75 Heads 11/02/2018 Inventory Qty Adjust START Opening inventory for Sprinkler Inventory Asset Opening Balance Equity 7.50 571.25 Heads 11/02/2018 Inventory Qty Adjust START Opening inventory for Sprinkler Inventory Asset Opening Balance Equity 571.25 Pipes 11/02/2018 Inventory Qty Adjust START Opening inventory for Sprinkler Inventory Asset Opening Balance Equity 25.00 596.25 Pipes 11/17/2018 Bill 1234 Rock Fountains R Us 8 Rock Fountains Inventory Asset Accounts Payable (A/P) 1,000.00 1,596.25 11/25/2018 Invoice 1038 Amy's Bird Sanctuary Fountain Pump Inventory Asset Accounts Receivable (A/R) -140.00 1,456.25 11/25/2018 Invoice 1038 Amy's Bird Sanctuary Fountain Pump Inventory Asset Accounts Receivable (A/R) 80.00 1,376.25 11/25/2018 Invoice 1038 Amy's Bird Sanctuary Fountain Pump Inventory Asset Accounts Receivable (A/R) -80.00 1,296.25 11/25/2018 Invoice 1038 Amy's Bird Sanctuary Fountain Pump Inventory Asset Accounts Receivable (A/R) 90.00 1,206.25 11/25/2018 Invoice 1038 Amy's Bird Sanctuary Fountain Pump Inventory Asset Accounts Receivable (A/R) 30.00 1,176.25 11/25/2018 Invoice 1038 Amy's Bird Sanctuary Fountain Pump Inventory Asset Accounts Receivable (A/R) -80.00 1,096.25 11/28/2018 Bill 2345 Norton Lumber and Building Fountain Pump Inventory Asset Accounts Payable (A/P) 80.00 1,176.25 Materials 11/28/2018 Bill 2345 Norton Lumber and Building Sprinkler Heads Inventory Asset Accounts Payable (A/P) 750.00 1,926.25 Materials 11/30/2018 Bill 8795 Norton Lumber and Building Sprinkler Pipes Inventory Asset Accounts Payable (A/P) 8,750.00 10,676.25 Materials 11/30/2018 Bill 8795 Norton Lumber and Building Fountain Pump Inventory Asset Accounts Payable (A/P) 80.00 10,756.25 Materials Total for Inventory Asset $10,756.25 TOTAL $10,756.25

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