Asked by Sylvester Ambrose on May 21, 2024
Verified
You are a supervisor in the accounting department of a large manufacturing company. Two weeks ago you were anxious to leave for your vacation and so you hurriedly recorded a whole stack of journal entries so that the others would not have as much to do while you were gone. When you returned you realized that you had entered a payment on account of a customer Norbert as payment on another customer's account Norton. Even worse you realized that Norbert's payment had been on an overdue account and that Norton had received a refund for overpayment.
Required:
Write a memo to Alma Gutierrez your boss explaining your mistake.
General Journal
A basic accounting ledger that records all transactions of a business in chronological order, providing a detailed account.
- Grasp the ethical standards in accounting practices and the consequences of violations.
Verified Answer
SJ
Learning Objectives
- Grasp the ethical standards in accounting practices and the consequences of violations.
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