FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On December 31, Marchant Company took a physical count of its merchandise inventory. It operates under the perpetual inventory system. The physical count amounted to

On December 31, Marchant Company took a physical count of its merchandise inventory. It operates under the perpetual inventory system. The physical count amounted to $140,761. The Merchandise Inventory account shows a balance of $142,872. Journalize the adjusting entry

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_2

Step: 3

blur-text-image_3

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

Project Management Accounting

Project Management Accounting

Authors: Kevin R Callahan, Gary S Stetz, Lynne M Brooks

2nd Edition

1118078209, 9781118078204

More Books

Students also viewed these Accounting questions

Question

★★★★★
The following costs result from the production and sale of 4,000 drum sets manufactured by Vince Drum Company for the year ended December 31, 2011. The drum sets sell for $250 each. The company has a...

Answered: 1 week ago

Question

★★★★★
Lindon Company is the exclusive distributor for an automotive product that sells for $58.00 per unit and has a CM ratio of 30%. The company's fixed expenses are $435,000 per year. The company plans...

Answered: 1 week ago

Question

★★★★★
Were the data visually or statistically analyzed or both? What was done in visual analysis to reduce the effect of subjectivity and bias? Were the appropriate statistics used?

Answered: 1 week ago

Question

★★★★★
Union Company is considering establishment of a zero-balance account. The firm currently maintains an average balance of $420,000 in its disbursement account. As compensation to the bank for...

Answered: 1 week ago

Question

★★★★★
Quantitative Problem 2 : Hadley Inc. forecasts the year - end free cash flows ( in millions ) shown below. \ table [ [ Year , 1 , 2 , 3 , 4 , 5 ] , [ FCF , - $ 2 2 . 9 9 , $ 3 7 , $ 4 3 . 1 , $ 5 2 ....

Answered: 1 week ago

Question

★★★★★
Wolfpack Construction has the following account balances at the end of the year. \ table [ [ Accounts , Balances ] , [ Equipment , $ 2 6 , 0 0 0

Answered: 1 week ago

Question

★★★★★
Does States and local governments, including local health care facilities, receive sufficient funding to adequately plan and prepare for a Weapon of Mass Destruction incident?

Answered: 1 week ago

Question

★★★★★
Before you start modeling: What are two questions you would ask to ensure the modeling process starts on task? What is your purpose for asking each of them?

Answered: 1 week ago

Question

★★★★★
Local Private Government Sector Federal Government State, Tribal, Territorial, and Insular Area Communities Nongovernmental Organizations Government Individuals, Families, and Households Whole...

Answered: 1 week ago

Question

★★★★★
Astore, Inc. reported the following financial data for the most recent year end. Sales, $210,000; operating expenses $180,000; average operating assets, $200,000; total liabilities, $65,000. The...

Answered: 1 week ago

Question

★★★★★
Expansionary strategy happens when a financial power utilizes its systems to invigorate the economy. An expansionary strategy keeps up with transient loan costs at a lower than normal rate or builds...

Answered: 1 week ago

Question

★★★★★
6. What information processes operate in communication situations?

Answered: 1 week ago

Question

★★★★★
3. How can we use information and communication to generate trust?

Answered: 1 week ago

Question

★★★★★
4. How can we use information and communication to influence other people?

Answered: 1 week ago

Previous Question Next Question