Question

Emerson St. Paul Book Shop’s accounts at June 30, 2015, included the following unadjusted balances:
Merchandise Inventory ......... $ 5,400
Cost of Goods Sold ......... 40,300
Sales Revenue ........... 85,300
Sales Discounts ............ 1,400
Sales Returns and Allowances ..... 2,000

The cost associated with the physical count of inventory on hand on June 30, 2015, was $ 5,000.

Requirements
1. Journalize the adjustment for inventory shrinkage.
2. Compute the gross profit.



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  • CreatedJanuary 16, 2015
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