Question
The inventory balance in our system is currently $12,580. Based on the count, we determined that we have a total inventory balance of $10,333. Can
The inventory balance in our system is currently $12,580. Based on the count, we determined that we have a total inventory balance of $10,333.
Can you please provide the following?
- Provide an explanation for why we perform an inventory count
- Provide an explanation for what causes an adjusting journal entry to be required for inventory, as in what reduces the inventory balance necessitating an adjustment?
- The Adjusting Journal Entry
Journal Entry Template: note please ignore account numbers as none have been provided.
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Financial And Managerial Accounting
Authors: John J. Wild
9th Edition
1260728773, 9781260728774
