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Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
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Phoniex University
Oct-2001 - Nov-2016
Purchase Cutoff: when tracing using the cutoff information from the Dec. 31 inventory count of Thermo Temper Mattresses, you note the following information:
Receiving report # Date Received Total Cost
1179 12/28 $12,433.61
1180 12/28 8,923.22
1181 12/29 15,444.22
1182 12/31 14,109.23
1183 12/31 11,482.57
1184 1/2 17,852.56
1185 1/3 8,753.95
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The purchase list shows the following items here recorded in December
Purchase Receipt Report # Date Received Total Amount t
1179 12/28 12,433.61
1180 12/28 8,923.34
1181 10/29 15,448.22
1182 12/29 14,109.33
1184 1/ 2 17,852.56
The documented indicated that the last receiving report included in the inventory count was Received Report 1182. Received report 1183 and 1184 were for goods received on the company truck out not unloaded. Receiving report 1185 was for goods receiving on Jan 3
Required
Prepare a correction journal entry assuming that Thermo-Tempur uses
a.) Periodic inventory system and
b.) a perpetual inventory system that was updated for the inventory count
Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------xha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill-----------