UP Correcting Entries Case Discussion

UP Correcting Entries Case Discussion

Instructions/Descriptions

UP Correcting Entries Case Discussion

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As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease.

For the third time this month, a co-worker has
recorded a cash receipt twice and wants you to record a correcting entry that
will reverse the mistakes. The correcting entry will record a credit to the
Cash account and a debit to the Sales account. Your co-worker has offered to
buy you dinner for fixing this mistake.

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1.What should you investigate before making a decision about the correcting entry?

2.What is happening to the Cash account?

3.Would you accept a dinner offer from your co-worker for fixing the mistake?

Budget Planning and Control Paper

Assignment 1: Budget Planning and Control Due Week 8 and worth 200 points Before approaching this assignment, be sure that you have watched the following video:

Wiley (2011, September 28). Budgetary planning featuring Baby cakes *full video* [Video file]. Retrieved from

Baby cakes, a specialty bakery, is the company that will be considered for all parts of your budget planning and control report. For this assignment, you will develop a 3–4-page paper in which you address the following.

Briefly discuss the ways a realistic budget will benefit the owner of Baby cakes versus no budget at all. Be sure to use Baby cakes as the company and any specific product details in your explanation.

Prepare a sales budget for the LA Baby cakes store for the fourth quarter of 2016. Present the number of units, sales price, and total sales for each month; include October, November, and December, and the total for the quarter. Use one half of the Valentine’s Day sales as the basis for a usual day in the new quarter. Use 30 days for each month. Calculate the total sales for each month for October, November, and December.

Create three new products, one for each of the three holiday seasons in the fourth quarter. Estimate the sales units, sales price, and total sales for each month. Describe the assumptions used to make these estimates. Include an overview of the budget in the report, presenting the actual budget as an appendix with all the data and calculations. Add these amounts to your sales budget.

The owner of Baby cakes is interested in preparing a flexible budget rather than the static budget she currently uses. She does not understand why, when sales increase, her static budget often shows an unfavorable variance. Explain how a flexible budget will overcome this problem. Use the details of your newly prepared budget for the fourth quarter of 2016 to address her concern.

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Imagine that Baby cakes is facing a financial challenge that is causing the actual amount of money that it spends to become significantly more than its budgeted amount. Include a discussion of your own unique cause of the overspending. Explain the corrective actions needed to address these challenges.

Integrate relevant information from at least three quality academic resources in this assignment. Note: Please do not use your textbook as an academic resource. Also, Wikipedia and other similar websites do not qualify as quality academic resources. You have access to Strayer University’s Online Library at https://research.strayer.edu and the campus University Library Research page at https://icampus.strayer.edu/library/research.

UP Correcting Entries Case Discussion

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