The bookkeeper for Brockton Industries prepared the following journal entries and posted the entries to the general ledger as indicated in the T accounts presented. Assume that the dollar amounts and the descriptions of the entries are correct.
Journal entries:
Required: If you assume that all journal entries have been recorded correctly, use the above information to:
(1) Identify the postings to the general ledger that were made incorrectly.
(2) Describe how the each incorrect posting should have been made.
Definitions:
Market-oriented Era
A period in business philosophy where companies prioritize identifying and meeting the needs and desires of customers as the central focus of their operations.
Value-based Marketing
A marketing strategy focused on providing products or services that deliver high value to consumers, emphasizing quality and benefits over cost.
Economics-oriented Era
A period in history where the focus was primarily on economic factors, such as productivity and cost efficiency, in business decisions.
Marketing Mix
A blend of product, price, place (distribution), and promotion strategies used by a company to market its products or services effectively.
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