The Trial Balance reports inventory of $17,253.46, but your physical count values it at $15,369.62. What...
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The Trial Balance reports inventory of $17,253.46, but your physical count values it at $15,369.62. What is the adjusting journal entry to correct the Inventory balance? ACCOUNT DEBIT CREDIT Inventory Asset $1,883.84 Inventory Shrinkage $1,883.84 A. ACCOUNT DEDIT CREDIT Inventory Shrinkage $1,883.84 Inventory Asset $1,883.84 B. ACCOUNT DEBIT CREDIT Inventory Asset Inventory Shrinkage $15,369.62 $15,369.62 C. ACCOUNT DEBIT CREDIT Inventory Asset Inventory Shrinkage $15,369.62 $1,883.84 Cost of Goods Sold $17,253.46 D. The Trial Balance reports inventory of $17,253.46, but your physical count values it at $15,369.62. What is the adjusting journal entry to correct the Inventory balance? ACCOUNT DEBIT CREDIT Inventory Asset $1,883.84 Inventory Shrinkage $1,883.84 A. ACCOUNT DEDIT CREDIT Inventory Shrinkage $1,883.84 Inventory Asset $1,883.84 B. ACCOUNT DEBIT CREDIT Inventory Asset Inventory Shrinkage $15,369.62 $15,369.62 C. ACCOUNT DEBIT CREDIT Inventory Asset Inventory Shrinkage $15,369.62 $1,883.84 Cost of Goods Sold $17,253.46 D.
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Correct answer B Explanation If you are using a periodic inventory ... View the full answer
Related Book For
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
Posted Date:
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