SALES jOURNAL-AUGUST 2016 Shipping Document No 2163 2164 2165 2166 2167 2168 216

Question

SALES jOURNAL-AUGUST 2016 Shipping Document No 2163 2164 2165 2166 2167 2168 2169 2170 2171 2172 Sales Invoice No 5437 5431 5432 5435 5436 5433 5434 5438 5440 5439 Day of Month 30 30 31 31 31 Sales Invoice No 5431 5434 5432 5433 5435 Amount of Sale $726.11 4,214.30 419.83 1,620.22 47.74 SALES JOURNAL-SEPTEMBER 2016 Day of Month Sales Invoice No. 5437 5436 5438 5440 5439 Amount of Sale $2,541.31 106.39 852.06 1,250.50 646.58 Audit Sales Cutoff Last shipment made in the fiscal year ended Aug 31, 2016 was recorded on document 2167. Requirement: Which sales invoices, if any, are recorded in the wrong accounting period? Prepare an adjusting entry to Correct the financial statement for the year ended Aug31, 2016. Assume that the company uses a periodic inventory system ( inventory and cost of sales do not need to be adjusted) ACCT 460 FALL 2017 25

Explanation / Answer

Day of month Sales Invoice No Amount of sale incorrectly booked Amount of sales incorrectly booked and adjusted 30 5431         726.11                -   30 5434     4,214.30 -4,214.30 incorrectly recorded in Aug instead of september 31 5432         419.83 31 5433     1,620.22 -1,620.22 incorrectly recorded in Aug instead of september 31 5435           47.74 31 5437     2,541.31 incorrectly recorded in September instead of Aug 31 5436        106.39 incorrectly recorded in September instead of Aug     7,028.20 -3,186.82 Adjusting entry 31-08-2016 Sales Dr. 3186.82 To Debtors 3186.82 { being incorrect sales invoice booked in August now reversed}

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