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Adjusting Entries A company uses a calendar year. The following figures are available: Inventory, January 1 : $405,000 (by physical count) Inventory, December 31: $411,000
| Adjusting Entries | ||||
| A company uses a calendar year. The following figures are available: | ||||
| Inventory, January 1 : $405,000 (by physical count) | ||||
| Inventory, December 31: $411,000 (by physical count) | ||||
| Record the adjusting entry, assuming that the company uses the | ||||
| perpetual Inventory System and the book balance of the ending | ||||
| inventory on December 31 is $408,000. | ||||
| DESCRIPTION | DEBIT | CREDIT | ||
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