Review each of the following items that were noted by the CFO after the unadjusted trial balance
Question:
a. $2,000 was charged to occupancy and utility expense that represented a rental deposit for a three-year operating lease of a new copier.
b. Depreciation expense recorded for the year was incorrect. The correct amount of depreciation should have been $50,000.
c. Ending inventory included $3,500 for brochures related to the planned giving campaign scheduled to begin September 1, 2014.
d. Service Fees - Daycare included $5,500 related to childcare services for the week beginning July 1, 2014.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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