Merrill Company's perpetual inventory records indicate that $975,000 of merchandise should be on hand on October 31, 2015. The physical inventory indicates that $894,750 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Merrill Company for the year ended October 31, 2015. Assume that the inventory shrinkage is a normal amount.
Answer to relevant QuestionsUsing the following data, determine the Revenues section of the income statement in a multiple-step form and in a single-step form. Rental revenue ........... $ 3,600 Purchase discounts ........... 2,987 Sales ...Using the data presented in Exercise 5-15, journalize Jeevan Co.’s entries for In exercise Pitt Co., a furniture wholesaler using the perpetual method to record inventory, sells merchandise to Jeevan Co. on account, ...The following selected transactions were completed by Cold Company during February of the current year. Cold Company uses the periodic inventory system. Feb. 2. Purchased $17,500 of merchandise on account, FOB shipping ...Selected transactions for Suzy Co. during October of the current year are listed in Problem 5-1A. Instructions Journalize the entries to record the transactions of Suzy Co. for October using the periodic inventory system. The following were selected from among the transactions completed by East Coast Trading Post during December of the current year: Dec. 3. Purchased merchandise on account from Hillsboro Co., list price $38,000, trade ...
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