Question
In a periodic system, if the accounting records show an opening inventory balance of $15800 and a physical count shows a balance of $20600, it
In a periodic system, if the accounting records show an opening inventory balance of $15800 and a physical count shows a balance of $20600, it is necessary to
b) debit Merchandise Inventory and credit Cost of Goods Sold for $4800.
d) both a) and c).
a) debit Income Summary and credit Merchandise Inventory for $15800.
c) debit Merchandise Inventory and credit Income Summary for $20600.
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Managerial Accounting, 1, (6 Months)
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
14th Edition
1337270814, 9781337270816
