Emerson St. Book Shops unadjusted Merchandise Inventory at June 30 was $5,200. The cost associated with the
Question:
Emerson St. Book Shop’s unadjusted Merchandise Inventory at June 30 was $5,200. The cost associated with the physical count of inventory on hand on June 30 was $4,900. In addition, Emerson St. Book Shop estimated approximately $1,000 of merchandise sold will be returned with a cost of $400.
Requirements
1. Journalize the adjustment for inventory shrinkage.
2. Journalize the adjustment for estimated sales returns.
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To journalize the adjustments for inventory shrinkage and estimated sales returns we need to make tw...View the full answer
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Related Book For 
Horngrens Financial & Managerial Accounting
ISBN: 9780136516255
7th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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