Using the data given in Exercise 26.1, prepare the general journal entry to record adjustments for inventory
Question:
Using the data given in Exercise 26.1, prepare the general journal entry to record adjustments for inventory accounts.
In Exercise 1
Dr. Cr.
Finished Goods Inventory..........................$ 70,000.........$72,000
Work in Process Inventory...........................85,000...........90,000
Raw Materials Inventory..............................45,000...........48,000
Materials Purchases....................................795,000...................
Purchases Returns and Allowances....................................7,900
Freight In (on Materials Purchases)..........30,000...................
Step by Step Answer:
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina