Question
The Trial Balance reports inventory of $17,253.46, but your physical count values it at $15,369.62. What is the adjusting journal entry to correct the
The Trial Balance reports inventory of $17,253.46, but your physical count values it at $15,369.62. What is the adjusting journal entry to correct the Inventory balance? ACCOUNT DEBIT CREDIT Inventory Asset $1,883.84 Inventory Shrinkage $1,883.84 A. ACCOUNT DEDIT CREDIT Inventory Shrinkage $1,883.84 Inventory Asset $1,883.84 B. ACCOUNT DEBIT CREDIT Inventory Asset Inventory Shrinkage $15,369.62 $15,369.62 C. ACCOUNT DEBIT CREDIT Inventory Asset Inventory Shrinkage $15,369.62 $1,883.84 Cost of Goods Sold $17,253.46 D.
Step by Step Solution
3.47 Rating (160 Votes )
There are 3 Steps involved in it
Step: 1
Correct answer B Explanation If you are using a periodic inventory ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get StartedRecommended Textbook for
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
Students also viewed these Accounting questions
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
View Answer in SolutionInn App