#3.

Some of E and S Electronics' merchandise is gathering dust. It is now December 31, 2024, and the current replacement fost of the ending merchandise inventory is $18,000 below the business's cost of the goods, which was $104,000. Before any adjustments at the end of the period, the company's Cost of Goods Sold account has a balance of $415,000.

Journalize any required entries. (Record debits first, then credits. Select the explanation on the last lime of the journal entry table. For situations that do not require an entry, make sure to select "No Entry Required" in the first cell in the "Accounts" column and leave all other cells blank.)

explanation on the last line of the journal entry table. For situations that do not require an entry, mah -bit Credit - X 0 Requirements Salan 1. Journalize any required entries. 2. At what amount should the company report merchandise inventory on the balance sheet? 3. At what amount should the company report cost of goods sold on the income statement? 4. Which accounting principle or concept is most relevant to this situation? me st! Print Done Orecis accountants to decrease the accounting value or asse e next question The required journal entry would be Date Accounts and Explanation Dec 31 Debit Credit Requirement 2. Al what amount should the company report merchandise inventory on the balance sheet? E and S should report merchandise inventory on the balance sheet at Requirement 3. At what amount should the company report cost of goods sold on the income statement? E and S should report cost of goods sold on the income statement at Requirement 4. Which accounting principle or concept is most relevant to this situation? is the reason to account for merchandise inventory at directs account Choose from any listocenter any number in the mounted and then continue to the next question e Type here to search O 9 SAMSUN 29949 Evans Requirement 1. Journalire any required entries (Record debits first the credits Select the explanation on the last line of the journal entry table For situations that do not require an entry, make sure to select "No Entry Required in the for other cells blank) The required journal entry would be Date Accounts and Explanation Debit Credo Dec 31 Requirement 2. At what amount should the company report merchandise Inventory on the balance sheet? E and should report merchandise Inventory on the balance sheet at Requirement 3. At what amount should the company report cost of goods sold on the income statement? E and should report cost of goods sold on the income statement Requirement 4. Which accounting principle or concept is most relevant to this situation? Is the reason to account for merchandise Inventory at direct accountants to decrease the accounting value of an aset it appears unrealistically high Choose from any stor enter any number in the input fields and then continue to the next question Type here to search R: os SAMSUNG mail de com . w To con Please answer the question in full if you know how to do it! Please allign the answers how the questions are so it's not confusing for me to figure out where it goes! Will give a thumbs up if the answer is correct! If you have trouble reading any of the images please let me know so I can post another picture