The Inventory account for Kelly's Florist, Inc., had a balance of $27,300 at the end of its
Question:
The Inventory account for Kelly's Florist, Inc., had a balance of $27,300 at the end of its fiscal year. A physical count taken at year-end revealed that the value of inventory on hand amounted to $26,950.
Requirements
1. Journalize the adjustment for inventory shrinkage.
2. What could cause the inventory balance according to the physical count to be different from the ledger balance?
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Req 1 Journal DATE ACCOUNTS POST Dr Cr REF Cost of Goods ...View the full answer
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