In Unadjusted Trial Balance, Inventory (at cost) is 141,800, cost of good sold is 469,220.

Question: During the inventory check, the company found that some goods ( cost 50,100) included in "inventory" were damaged. The company estimated that the net realizable amount of the damaged goods is 41,700. the company adopts the perpetual system and uses only the "inventory" account for all inventory.

What is the adjusting journal entries?

Answer rating: 100% (QA)

To record the adjustment for the damaged goods in the inventor... View the full answer