Question: i need help with this ejercicie Topic: 9. Audio Outfitter Inc, which uses a perpetual inventory system, experienced a normal inventory shrinkage of $13,675. What

i need help with this ejercicie

Topic:

9. Audio Outfitter Inc, which uses a perpetual inventory system, experienced a normal inventory shrinkage of $13,675. What account would be debited and credited to record the adjustment for the inventory shrinkage at the end of the accounting period?

10. Assume that Audio Outfitter Inc. in Discussion question ( experienced an abnormal inventory shrinkage of $98,600. Audio Outfitter Inc. Has decided to record the abnormal inventory shrinkage so that it would be separately disclosed on the income statement. What account would be debited for the abnormal inventory shrinkage?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

9. Audio Outfitter Inc., which uses a perpetual inventory system, experienced a normal inventory shrinkage of $13,675. What accounts would be debited and credited to record the adjustment for the...

Audio Outfitter Inc., which uses a perpetual inventory system, experienced a normal inventory shrinkage of $13,675. What accounts would be debited and credited to record the adjustment for the...

5. What are the main differences between FOB Destination and FOB Shipping Point? 6. If a retailer purchased inventory in the amount of $680, terms 3/10,n/60, returned $120 of the inventory for a full...

$ millions for Research In Motion and Apple. 4-9, Nokia, Research in Motion, and Apple are competitors in the global marketplace. Key comparative figures for each company follow. Nokia* . . . . . . ....

2 1 points eBook Print The fiscal year-end unadjusted trial balance for Taylor Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling...

Please answer me page 51 to page 56 on the attachment. is a multiple choice questions. Thank you FAC1502/101/3/2016 Tutorial letter 101/3/2016 Financial accounting concepts, principles and procedures...

this is a final exam pleaselook over it and help me out 1.Inventory for a merchandising business is classified as a(n): A. part of Stockholders' Equity. B. liability. C. asset. D. revenue. 2.If there...

Sizwe Furnitures Inc. (SFI) is an emerging entity that buys and sells furniture in Eastern Cape and surrounding provinces. It has suppliers both locally and internationally and its financial year...

Hello, Please could you help me with this question and also with my homework? Thanks in advance. The first question is below and the homework is attached (uploaded). Warble Inc. extended a one-year...

Python: A year is a leap year if it is divisible by 4, unless it is a century year (divisible by 100) that is not divisible by 400. (1800 and 1900 are not leap years while 1600 and 2000 are.) Edit...

Assuming the same information as for Problem 21-2, suppose Hastings will increase Vandells level of debt at the end of Year 3 to $30.6 million so that the target capital structure is now 45% debt....

A 1 The following information relates to overhead cost at Chocolates by Jacki for the Show all images Show all images Show all images done loading

Question Over the last decade, Singapore has focused on its efforts on solidifying its position as a wealth management center. Critically evaluate the above statement and suggest creative solutions...

An improvement in the exchange of information in negotiations.

1. Effort is important.

2. Set up two points representing the pillars of your values system. Discuss this with the others in the group.