Emerson St. Book Shops unadjusted Merchandise Inventory at June 30 was $5,200. The cost associated with the

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Emerson St. Book Shop’s unadjusted Merchandise Inventory at June 30 was $5,200. The cost associated with the physical count of inventory on hand on June 30 was $4,900. In addition, Emerson St. Book Shop estimated approximately $1,000 of merchandise sold will be returned with a cost of $400.


Requirements
1. Journalize the adjustment for inventory shrinkage.
2. Journalize the adjustment for estimated sales returns.

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Related Book For  book-img-for-question

Horngrens Financial & Managerial Accounting

ISBN: 9780136516255

7th Edition

Authors: Tracie Miller Nobles, Brenda Mattison

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