Professional Documents
Culture Documents
Inventory 12,172.89
COS 12,172.89
Item I P0.55
Item J 22.20/doz
Item K 2.6
Item L 9.5
Problem 2
Inventory Recorded
Adjusting Entry
Supplies
Raw Mats
COS
Amount
25,250.00
78,000.00
64,000.00
52,500.00
135,000.00
11,100.00
22,400.00
388,250.00
6,000.00
700.00
6,700.00
374,500.00
13,750.00 Understatement of Inventory
6,700.00
13,750.00
20,450.00
Problem 3
Sales
Purchases 27,000.00 8,295,000.00
Accounts Payable 27,000.00 (225,000.00)
(195,000.00)
Inventory 96,000.00
COS 96,000.00
Inventory 120,000.00
COS 120,000.00
Inventory 180,000.00
COS 180,000.00
Sales 195,000.00
Accounts Receivable 195,000.00
PAS 16/FASB
Purchases Accounts Receivable Inventory Accounts Payable
4,500,000.00 750,000.00 900,000.00 600,000.00
27,000.00 (225,000.00) 96,000.00 27,000.00
(195,000.00) 120,000.00
180,000.00