Employees of Potteryworld Co

question 73

Essay

Employees of Potteryworld Co.have earned but have not been paid $3,500 in salaries for the last week of the current calendar year.
(a)Prepare the necessary adjusting journal entry for Potteryworld at December 31 of the current year.
(b)Assuming that Potteryworld makes reversing entries,prepare the necessary reversing entry,including the appropriate date.

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Definitions:

Safety Inventory

A buffer stock kept to protect against variability in demand or supply, ensuring sufficient product availability.

Capacity

The maximum output that a system, facility, or machine can produce under normal conditions over a given period.

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Sophisticated software solutions designed to optimize supply chain operations, from resource planning to production and distribution.

Computing Power

The capacity of a computer system to perform or process data, usually measured in terms of speed and computational ability.