posted by .


I am having trouble figuring out the below question. Can someone please provide some guidance.


It’s December 31, 2007 and you are about to close the firm’s books for the year. Just as you think everything is done.

1.)The firm’s Sales Manager some to you with 75 completed customer service orders (valued at $63,000) that his sales technicians had just turned in to him. They had performed this work in December but had forgotten to turn them in immediately after completing the work as required.
2.)The firm’s Purchasing Manager comes to you and informs you that he had just negotiated a “great’ deal for the IT department. Sun Systems has agreed to sell the firm a new server for $1million. The original offer was for $1.25 million. The reduction reflected Sun’s desire to capture the sale in 2006. The purchasing manager also tells you that no advance payment is required and that the server will be delivered on March 1, 2008

Explain how you will handle each of these transactions, including any required adjusting entries, based on established accounting principles.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting question..

    Having trouble figuring out how to do this problem for my accounting homework.. any help would be greatly appreciated..the information given goes as follows.. On 1/1/08 you issue $400,000 of 7%, 10 year bonds that pay intrest semiannually. …
  2. Engineering Economics

    Hi there, I am having some trouble solving this problem, can you give some guidance as to the solution. What is the amount of 10 equal annual deposits that can provide five annual withdrawals, when a first withdrawal of $1000 is made …
  3. accounting

    I have tried to figure out how to do this for four days and my textbook does not give an example on how to do this problem. Lower-of-Cost-or-Market Corrs Company began operations in 2007 and determined its ending inventory at cost …
  4. English

    I have to write an essay on the theme of the short story "All is clam" by Ann Walsh. The story is about a girl who has to take her grandmother, who has alzheimers, to the hosptial. She has difficulty dealing with her grandmother acting …
  5. accounting

    In 2007, Clyde Blackstock opened Clyde’s Pets, a small retail shop selling pet supplies. On December 31, 2007 Clyde’s accounting records showed the following: Merchandise inventory at December 31, 2007 $10,250 Merchandise inventory …
  6. writing please someone help!!!

    which traits are strongest in your persuasive essay: ideas, organization, voice, word choice, sentence, fluency, or conversation?
  7. Math

    I am having trouble figuring out the below problems. 1. 380 dm= m 2. 90.51L= cL 3. 450mg= g Please help me figure out the below
  8. English assignment

    I need to make a thesis statement about racism based on my two books. The two books that I chose to do was: secret life of bees and black like me. I am having trouble making a thesis. I'll give you all the information about the racism …
  9. Chem

    Which of the following is the correct expression for the rate of the following reaction?
  10. Math- Need Help..

    I'm having trouble with a question from one of my math assignments and it's driving me crazy. Its: -2/5x - 9 < 9/10 (two-fifths and nine-tenths) I tried doing it a few times, it might be easier than it looks and I just don't understand. …

More Similar Questions