Acounting discussion questions

Acounting discussion questions

Respond to the following:

On the last day of the fiscal year, a co-worker asks you to cut a check for $2,000 as a miscellaneous expense for supplies to complete a project for a VIP customer today. You notice the invoice looks a little different from other invoices that are usually processed. You know that by preparing the closing entries tomorrow, the miscellaneous expense will be set to zero for the beginning of the year.

Should you write this check today and record the expense or write the check tomorrow? How would the company be affected if the check is written and the invoice ends up being erroneous?

I NEED THREE 100 WORD-DIFFERENT APPROACHES RESPONSES TO THIS TOPIC.

Solution Preview

Scenario 1
Should you write this check today and record the expense or write the check tomorrow? How would the company be affected if the check is written and the invoice ends up being erroneous?
The can be written today and the expense recorded in the accounts have not been closed for the year returns.

(321 words)