Please record the entries required based on the $2$ scenarios below.

IMPORTANT:

When entering numbers, please do not add commas or dollar signs.

$1.$ After their annual inventory count on October $31,$ Niagara Construction Products found that the inventory balance in their G$/$L was understated by $$850.$ Please record the entry to adjust the balance in their G$/$L$.$

Journal Page $24$

Date Accounts and Explanations PR Debit Credit

$2023$

Oct $31$ Answer

Merchandise Inventory

Answer

Answer

Answer

To adjust G$/$L balance after inventory count

$2.$ After their annual inventory count on September $30,$ Salmon River Wholesale found that the inventory balance in their G$/$L was overstated by $$620.$ Please record the entry to adjust the balance in their G$/$L$.$

Journal Page $25$

Date Accounts and Explanations PR Debit Credit

$2023$

Sept $30$ Answer

Answer

Answer

Answer

To adjust G$/$L balance after inventory count