Ely Corporation, a custom furniture manufacturer, has a general ledger account balance of $73,395 for Merchandise Inventory
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Ely Corporation, a custom furniture manufacturer, has a general ledger account balance of $73,395 for Merchandise Inventory as of July 1. On the following June 30, the end of the fiscal period, Ely took a physical inventory and determined it had $74,928 in merchandise on hand. In your working papers, answer the following questions regarding the adjustment for Merchandise Inventory:
1. Is the value of the ending inventory more or less than the value of the beginning inventory?
2. What is the amount of the inventory adjustment?
3. Which account is debited?
4. Which account is credited?
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1 The value ending is greater than the value beginning 2 The adjustment for this ...View the full answer
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