Suppose Perfect Picture Photography Supply’s Inventory account showed a balance of

$44,700. A physical count showed $43,300 of goods on hand. To adjust the inventory account, Picture Perfect Photography Supply, Inc., would make which of the following entries?AppendixLO1

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DATE a. ACCOUNTS Cost of Goods Sold Inventory POST REF. DR. CR. 1,400 1,400 b. Inventory 1,400 Accounts Payable 1,400 C. Accounts Payable 1,400 Inventory 1,400 d. Inventory 1,400 Cost of Goods Sold 1,400