The chef manager received a vendor shipment on the last day of the accounting period, after submitting the period's ending inventory. what should be done to make sure the financials are correctly stated?

a. nothing

b. adjust the ending inventory

c. adjust the ending inventory and process the vendor payment

d. process the vendor payment

Question

Victor Mccall

Business

2 August, 11:19

The chef manager received a vendor shipment on the last day of the accounting period, after submitting the period's ending inventory. what should be done to make sure the financials are correctly stated?

a. nothing

b. adjust the ending inventory

c. adjust the ending inventory and process the vendor payment

d. process the vendor payment

+4

Answers (1)

Know the Answer?

Malik Valdez · Answer 1

In the given case, the shipment was received on the last day of the accounting period, hence the inventory should be adjusted for the same and payment should be made to the vendor.

Hence Correct option is:

c. adjust the ending inventory and process the vendor payment