You've Been Asked to Review the Following Balance Sheet Which

question 3

Essay

You've been asked to review the following balance sheet which has been prepared by a new staff member.

a.Prepare the journal entries for the following transactions:
1.Merchandise purchased on account and costing $5,000 was received but not recorded.
2.Payments by clients for previously billed invoices were found in the receptionist's desk drawer. The checks totaled $2,100.
3.Written checks totaling $2,700 for payment of accounts payable, were found in the treasurer's desk drawer. He was going to mail them out next Monday.
4.It was discovered that the company president had hired a new secretary for an annual salary of $18,250.
5.Upon further investigation, you found that the company had paid but incorrectly recorded next year's fire insurance policy, totaling $3,600. The payment was recorded as an expense.

b.Prepare a corrected balance sheet.

Understand the criteria for selecting target markets.

Identify the bases for segmenting consumer and organizational markets.

Explain the role of data in developing perceptual maps and positioning products.

Understand the importance of product differentiation and its relation to market segmentation.

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Definitions:

Product's Benefits

The advantages or positive outcomes a consumer can expect from using a product.

Self-preservation

The instinctual behavior to protect oneself from harm or danger, influencing personal and professional decisions.

Sales Presentation

A Sales Presentation is a formal pitch used by salespeople to introduce and sell a product or service to potential buyers, highlighting benefits and addressing objections.

Differentiating Needs And Wants

The process of distinguishing between what consumers require because it is necessary (needs) and what they desire for personal satisfaction (wants).