Question
The consolidating entry to eliminate deferred profit in ending inventory. A (dr) Merchandise inventory (cr) Cost of goods sold B (dr) Cost of goods sold
The consolidating entry to eliminate deferred profit in ending inventory.
| A | (dr) Merchandise inventory (cr) Cost of goods sold | |
| B | (dr) Cost of goods sold (cr) Merchandise inventory | |
| C | (dr) Equity income (cr) Merchandise inventory | |
| D | (dr) Equity investment (cr) Merchandise inventory |
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The correct consolidating entry to eliminate deferred profit in ending inventory is B dr Cost of goo...
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Financial Accounting an introduction to concepts, methods and uses
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
13th Edition
978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003
