Due: March 26, 2015 • 5 page maximum including all attachments/appendices (not including the cover) • Late assignments will lose 15% per weekday • Please submit in hardcopy at the start of start class • If you must submit an electronic spreadsheet (i.e. Excel) please ensure they are formatted to print AND that your name is included in the header or footer. You are working for an elite accounting consulting firm and have been hired by One-two-three Incorporated ("123 Inc.") to assist them with a number of questions which have arisen while preparing their October 31, 2014 financial statements. 123 Inc. is a Canadian privately held manufacturer of high-end paper coffee cups on the cutting edge of 'rim rolling prize' technology. For each of the situations presented on the attached page please present the following: 1. The appropriate journal entry (or entries) which should have been entered to account for the situation described. Indicate which reporting period your entries need to be recorded in (i.e. fiscal 2014 or fiscal 2015). Include reversing entries where applicable. Also, you must explain why the original entry was incorrect. Part marks available for incorrect answers but only if you show your work. (80% of available marks) 2. A short description of why the entry is necessary in plain language that the CEO of 123 Inc. will understand (she has an engineering background not an accounting one). (10% of available marks)