Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 15, 2024

A company reports merchandise inventory on December 31 at $250,000 but LCM applied to items is $200,000. Record the journal entry to report merchandise inventory

A company reports merchandise inventory on December 31 at $250,000 but LCM applied to items is $200,000. Record the journal entry to report merchandise inventory at the correct amount.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Dec. 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Regulation Audit Inspection Standards And Risk A Handbook For Street Level Regulators

Authors: John E Brady, Amy J Brady

1st Edition

0993082238, 978-0993082238

More Books

Students also viewed these Accounting questions

Question

★★★★★

Why is financial planning, or just plain money management, a challenge for most people?

Answered: 1 week ago

Question

★★★★★

Sharon Smith, the financial manager for Barnett Corporation, wishes to evaluate three prospective investments: X, Y, and Z. Sharon will evaluate each of these investments to decide whether they are...

Answered: 1 week ago

Question

★★★★★

how numerical and categorical independent variables can be incorporated into a multiple regression model.

Answered: 1 week ago

Question

★★★★★

A company manufactures a liquid product called Crystal. The basic ingredients are put into process in Department 1. In Department 2, other materials are added that increase the number of units being...

Answered: 1 week ago

Question

★★★★★

A company reports merchandise inventory on December 31 at $250,000 but LCM applied to items is $200,000. Record the journal entry to report merchandise inventory at the correct amount. Note: Enter...

Answered: 1 week ago

Question

★★★★★

Discuss the challenges of doing business globally in today's world? Discussthethdllenges ofdoing busine9s globally in today's worldm

Answered: 1 week ago

Question

★★★★★

M1D5( Guest Reservations) 1-Discuss what the case Freeman v. Kiamesha Concord, Inc., teaches us with respect to contractual agreements between a hotel and a guest. 2-Discuss the damages a guest may...

Answered: 1 week ago

Question

★★★★★

Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has always produced all of the parts for its engines, Including the carburetors. An outside supplier...

Answered: 1 week ago

Question

★★★★★

Solve and indicate whether the following series are convergent or divergent Ans: Diverges by Limit Comparison Test 0 3 m=1 7" n! Ans: Converges by Integral Test 8 h= n=1 Thus, this diverges by the...

Answered: 1 week ago

Question

★★★★★

A farmer installed a tank for the purpose of keeping the hot water for his residential house in the farm. The tank is made of mild steel of wall thickness 10 mm and contains water at 90oC. Calculate...

Answered: 1 week ago

Question

★★★★★

Explain why you chose the specific article? How is it relevant to the current health care landscape? Discuss current event from the perspective of a health care administrator. Document your thoughts...

Answered: 1 week ago

Question

★★★★★

Locus of control: the extent to which employees feel they have sufficient control of their environment in order to benefit from performance-related pay;

Answered: 1 week ago

Question

★★★★★

Individualismcollectivism: the extent to which rewards are distributed on the basis of individual performance;

Answered: 1 week ago

Question

★★★★★

Ascriptionachievement status: the extent to which it is appropriate to reward ascribed status or achievement in the job;

Answered: 1 week ago

Previous Question Next Question