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In company has an Inventory of 68,000 and 134,000 of Cost of goods sold in its unadjusted trial balance during the year 2018. The physical
In company has an Inventory of 68,000 and 134,000 of Cost of goods sold in its unadjusted trial balance during the year 2018. The physical inventory count came to 61,000. What is the adjusting journal entry to be used to record the above?
a.
Cost of goods sold 68,000 Dr / Merchandise inventory 68,000 Cr
b.
Merchandise inventory 7,000 Dr/ Cost of goods sold 7,000 Cr
c.
Merchandise inventory 61,000 Dr/ Cost of goods sold 61,000 Cr
d.
Cost of goods sold 7,000 Dr / Merchandise inventory 7,000 Cr
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