Witherfork Company was recently acquired by a new owner who has decided to correct the prior accounting records during the current reporting period ending December 31,2014.The accounts have been partially adjusted but have not been closed for 2014.The following items have been discovered:
Required:
Provide the appropriate entry to record any change or correction and give any adjusting entry needed in each instance at the end of 2014.Show computations for entries made,and provide explanations for situations for which no entry is required.
Definitions:
Selling Process
A series of steps taken by a salesperson to identify prospective buyers, communicate benefits, and facilitate a purchasing decision to close a sale.
Basic Techniques
Fundamental methods or procedures used in a particular field of activity or practice.
Handling Objections
A sales and negotiation technique that involves addressing and overcoming doubts or concerns expressed by a potential customer.
Presentation Stage
The phase in the selling process where the product or service is demonstrated or presented to the potential buyer.
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