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

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At year-end, the perpetual inventory records of Litwin Company showed merchandise inventory of $98,000. The company determined, however, that its actual inventory on hand was $95,700. Record the necessary adjusting entry.

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Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Posted: Jan 30, 2014 01:32 AM

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

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