Record (write out in proper journal entry format) each of the adjusting entries. Adjusting & other entries: A) December 31: In reviewing the bank statement, we find that during December, $2,100 in revenue was incorrectly debited to inventory instead of cash (the credit was correct). B) December 31: Determine that we earned (but haven't received) $11,300 in interest revenue on our savings account during the year. C) December 31: We earned $10,900 in sweets sales revenue during December 2025 that was paid for in advance by our customers. The cost of those sweets was $4,900. Prepare entries to record both the sales and cost of goods sold. Record both entries.

Record (write out in proper journal entry format) each of the adjusting entries. Adjusting & other entries: A) December 31: In reviewing the bank statement, we find that during December, $2,100 in revenue was incorrectly debited to inventory instead of cash (the credit was correct). B) December 31: Determine that we earned (but haven't received) $11,300 in interest revenue on our savings account during the year. C) December 31: We earned $10,900 in sweets sales revenue during December 2025 that was paid for in advance by our customers. The cost of those sweets was $4,900. Prepare entries to record both the sales and cost of goods sold. Record both entries.

Business/Professional Ethics Directors/Executives/Acct

8th Edition

ISBN:9781337485913

Author:BROOKS

Publisher:BROOKS

Chapter8: Subprime Lending Fiasco-ethics Issues

Section: Chapter Questions

Problem 3.7EC

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