Hiller Corporation manufactures electronic components and never closes its books until at least ten days after the month end. This way, it can sort out ownership of goods in transit, and document which goods were received by month end, and which were not.
You’ve just graduated from Strayer University with your bachelor’s degree in accounting and have been hired by the Hiller Corporation as a new accountant. Your supervisor asks you to record the 8th of February’s $50,000 inventory sales transaction that is FOB destination to be part of the month of January revenue account.
- As an accountant, how would you handle the above situation? Include concerns about the importance of timing in the recording of purchases and ethical standards.
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