Question
In Unadjusted Trial Balance, Inventory (at cost) is 141,800, cost of good sold is 469,220. Question: During the inventory check, the company found that some
In Unadjusted Trial Balance, Inventory (at cost) is 141,800, cost of good sold is 469,220.
Question: During the inventory check, the company found that some goods ( cost 50,100) included in "inventory" were damaged. The company estimated that the net realizable amount of the damaged goods is 41,700. the company adopts the perpetual system and uses only the "inventory" account for all inventory.
What is the adjusting journal entries?
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
To record the adjustment for the damaged goods in the inventor...
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Business Statistics A Decision Making Approach
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
9th Edition
013302184X, 978-0133021844
