Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Rehabilitation Tax Credit IRS Audit Techniques Guide

Authors: Internal Revenue Service

1st Edition

1304114686, 978-1304114686

More Books

Students also viewed these Accounting questions

Question

Calculate and interpret the mean and standard deviation.

Answered: 1 week ago

Question

Compare the different types of employee separation actions.

Answered: 1 week ago

Question

Assess alternative dispute resolution methods.

Answered: 1 week ago

Question

Distinguish between intrinsic and extrinsic rewards.

Answered: 1 week ago