Internal control procedures-incoming merchandise
Problem: What internal control procedures would you establish regarding incoming merchandise and the related bills from the suppliers?
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Prepare the necessary general journal entries for the month of October for the Dolan Company for each situation given below. Dolan uses a perpetual inventory system.
The given errors were made in journalizing and posting transactions in May in the Unruh Company. 1. An $800 payment for repairs incurred on account and properly recorded in April was debited to Repair Expense $800 and credited to Cash $800.
Assume that the company uses the average cost method. What is the dollar value of the ending inventory on November 30?
Question: What principles of internal control apply to most businesses?
Please describe the procedure used in either case and do you think there was sufficient internal control to prevent improper claims?
Problem: How does income measurement differ between a manufacturing business and a chain of retail stores?
Consider the LIFO and FIFO inventory accounting methods. If the business was in a period of increasing costs for its inventory which method would you recommend to management and why?
(a) Journalize and post the July transactions. Use page J1 for the journal and the three-column form of account. (b) Prepare a trial balance at July 31 on a worksheet
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