At the Close of Its Fiscal Year on March 31

question 110

Essay

At the close of its fiscal year on March 31, 2011, Gren Industries, Inc. was in the process of relocating its plant. This resulted in some confusion relating to the inventory cutoff, as indicated by the following:

Assuming that the company does not maintain a perpetual inventory system and that the books for the fiscal year have been closed, provide the necessary correcting entries. (Ignore income taxes.)

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Definitions:

Basic Emotions

Fundamental emotional states, such as happiness, sadness, fear, disgust, anger, and surprise, that are universal and biologically based.

Primary Emotions

Fundamental emotions that are universal and experienced by all, such as happiness, sadness, fear, and anger.

Trust

The firm belief in the reliability, truth, ability, or strength of someone or something.

Responsive

Showing a quick and positive reaction to changes or to the needs of a situation or person.