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Columbia Southern University Operations And Supply Chain Management Assignment Help - Thai Bay's computer system

Question - Thai Bay's computer system generated the following trial balance on December 31, 2011. The companys manager knows something is wrong with the trial balance because it does not show any balance for Goods in Process Inventory but does show balances for the Factory Payroll and Factory Overhead accounts. Debit Credit Cash $ 48,000 Accounts receivable 42,000 Raw materials inventory 26,000 Goods in process inventory 0 Finished goods inventory 9,000 Prepaid rent 3,000 Accounts payable $ 10,500 Notes payable 13,500 Common stock 30,000 Retained earnings 87,000 Sales 180,000 Cost of goods sold 105,000 Factory payroll 16,000 Factory overhead 27,000 Operating expenses 45,000 Totals $ 321,000 $ 321,000 After examining various files, the manager i ...Read More

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