Question
The inventory account balance is $50,000. An actual count of inventory reveals that actual inventory is $43,000. Which of the following would be included in
The inventory account balance is $50,000. An actual count of inventory reveals that actual inventory is $43,000. Which of the following would be included in the adjusting entry? (Assume a perpetual inventory system)
A.
a $7,000 credit to Merchandise Inventory
B.a $50,000 debit to Cost of Goods Sold
C.a $43,000 credit to Merchandise Inventory
D.a $7,000 credit to Cost of Goods Sold
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Managerial Accounting
Authors: John J Wild, Ken W. Shaw, Barbara Chiappetta
7th edition
1260482936, 978-1260482935
