Jeff Franklin a New Employee of Bail Company Recorded $1800

question 14

Essay

Jeff Franklin a new employee of Bail Company recorded $1800 in consigned goods received as part of the firm's inventory. The goods were received one day after the end of the fiscal period but Jeff reasoned that the goods should be included in inventory sooner because Bail paid the freight. The mistake was brought to his attention by the purchasing department who said the goods should not have been recorded as Bail inventory at all. Jeff told Jessie Sassoon the purchasing supervisor that nobody needed to worry because the mistake would cancel itself out the following month. In Jeff opinion there was no reason to get everyone excited over nothing especially since it was monthly and not annual financial statements that were affected. Jessie Sassoon has reported the problem to the accounting department.
Required:
You are Jeff's supervisor. Write a memo to Jeff explaining why the error should have been corrected.

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Definitions:

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