At year-end, the perpetual inventory records of Gutierrez Company showed merchandise inventory of $98,000. The company determined,

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At year-end, the perpetual inventory records of Gutierrez Company showed merchandise inventory of $98,000. The company determined, however, that its actual inventory on hand was $96,100. Record the necessary adjusting entry.

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Accounting Principles

ISBN: 978-1118875056

12th edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Posted: Mar 02, 2015 09:30 AM

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At year-end, the perpetual inventory records of Gutierrez Company showed merchandise inventory of $98,000. The company determined,

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