Question: Road Runner Tire Co s perpetual inventory records indicate that 1 498 200
Road Runner Tire Co.'s perpetual inventory records indicate that $1,498,200 of merchandise should be on hand on December 31, 2014. The physical inventory indicates that $1,483,750 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Road Runner Tire Co. for the year ended December 31, 2014.
Answer to relevant QuestionsOn October 31, 2014, the balances of the accounts appearing in the ledger of Acorn Interiors Company, a furniture wholesaler, are as follows:Prepare the October 31, 2014, closing entries for Acorn InteriorsCompany.Based on the following data, determine the cost of merchandise sold for July:Merchandise inventory, July 1 ...... $ 190,850Merchandise inventory, July 31 ...... 160,450Purchases .............. ...The following were selected from among the transactions completed by Babcock Company during November of the current year:Nov. 3. Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, ...The following selected transactions were completed by Niles Co. during March of the current year:Mar. 1. Purchased merchandise from Haas Co., $43,250, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added ...On June 30, 2014, the balances of the accounts appearing in the ledger of Simkins Company are as follows:Instructions1. Does Simkins Company use a periodic or perpetual inventory system? Explain.2. Prepare a multiple-step ...
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