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An inventory count conducted on the last day of the financial year showed that the book stocks were higher than the physical stocks by 25
An inventory count conducted on the last day of the financial year showed that the book stocks were higher than the physical stocks by 25 items acquired at a cost of $10 each. What adjustments should you make to correct the error? SELECT ONLY ONE Debit inventory and credit cost of sales. Debit cost of sales and credit inventory. Debit inventory loss expense and credit cost of sales. Debit inventory loss expense and credit stocks
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