Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

yrar endes Decembera4, 2005 52434,000 iccounts pavableat December 31,2025 1.948,000 bet rales (roies iesstales retums: 16,221,000 Additional informatients as followe 1. Goods received from a

image text in transcribed
image text in transcribed
yrar endes Decembera4, 2005 52434,000 iccounts pavableat December 31,2025 1.948,000 bet rales (roies iesstales retums: 16,221,000 Additional informatients as followe 1. Goods received from a vendor en December 29,2025 , were included in the plwsical count However, the related $24,350 vendor invoice was fot included in accounts payable at Decimber 31,2025 , because the accounts payable copy of the receivine report was tost. 2 Included in the plysical count were components billed to a customer tob: shipping point on December 30,2025. Thesp components had a cost of $28,850 and were billed at $36.850 The shipmert was on Water way s loading dock waiting to be picked up ty the common carrier. 3. Goods, with an invoice cost of $29,450, received from a vendor at 6.00 pm on December 31, 2025, were, recorded ona 3. Goods, with an invoice cost of $29,850, received from a vendor at 600pm, on December 31,2025 , were recorded on a receiving report dated January 2, 2026. The goods were not included in the physical count, but the invoice was included in accountsipsyable at December 31,2025 . 4. Work in process inventory costing $45,850 was sent to an outside processor for platingon December 28,2025 . 5. Components returned by customers and held pending inspection in the returned goods area on December 31,2025 , were not included in the physical count On January 5,2026 , the components costing $23.850 were inspected and returned to irventory. Creditmemos totaling $38,850 were issued to the customers on the same date 6. Goods were in transit from a vendor to Waterway on December 31,2025 . The invoice cost was $48,050, and the goods were shipped to.b. shipping point on December 26,2025. 7. Componentsshipped to a customer fob. destination on December 29, 2025, were in transit at December 31, 2025, and had a cost of $18,450. Upon notification of receipt by the customer on January 3, 2026. Waterway issued a sales invoice for $25,850. 8. On January 3.2026, a monthly freight bill in the amount of $17,850 was received. The bill specifically related to merchandise purchased in December 2025, one-third of which was still in the inventory at December 31, 2025. The freight charges were not included in either the inventory or in accounts payable at December 31, 2025. Prepare a schedule of adjustments as of December 31.2025, to the initialamounts per Waterway's accounting records by showing separately the effect, if any, of each of the eight transactions on the December 31.2025 , amounts. (if an emount reduces the account bolonce then enter either with a negotive sign preceding the number, eg. 15,000 or in parenthesis, es, (15,000))

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

Software Engineering Reviews And Audits

Authors: Boyd L. Summers

1st Edition

143985145X, 978-1439851456

More Books

Students also viewed these Accounting questions

Question

6. Identify seven types of hidden histories.

Answered: 1 week ago

Question

What is the relationship between humans and nature?

Answered: 1 week ago