QUESTION

Assume that Jones Company has an unadjusted balance in Merchandise Inventory of $$100,000.$ Due to shrinkage, a physical inventory shows that Merchandise Inventory is actually $$99,000.$

The journal entry to record the needed adjustment would be:

ANSWER

$\backslash$table$[[$Date$,$Accounts,Debit,Credit,$],[,$Cash,,$1,000,],[,,$Merchandise Inventory,,$1,000]]$

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[,$Cost of Goods Sold,$1,000,],[,$Merchandise Inventory,,$1,000]]$

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[,$Merchandise Inventory,$1,000,],[,$Cost of Goods Sold,,$1,000]]$

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[,$Merchandise Inventory,$1,000,],[,$Cash,,$1,000]]$

IDON'T KNOW YET