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Jeter,CPA,performed a nonstatistical sampling plan to examine the inventory balances of Big Apple Company and estimated the account balance based on the ratio of audited value to recorded balances.He audited 200 items from a sample and found an audited value of $36,000.The sample had a recorded value of $40,000.If the entire inventory contained 3,000 items and the total recorded value of the inventory was $500,000,the estimated account balance using nonstatistical estimation and projecting the error based on number of items examined is
Recorded By Debits
Transactions in accounting that increase assets or expenses and decrease liabilities, equity, and revenue, captured on the left side of an account.
Decreases
A reduction in the quantity, level, or intensity of something, such as expenses, assets, or liabilities.
Prepaid Insurance
An asset account that represents insurance payments made in advance for coverage extending beyond the current accounting period.
Accounts Payable
Amounts owed by a business to its suppliers shown as a liability on a company’s balance sheet and typically due within a short period of time, often 30 to 90 days.
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