The Inventory account for Kelly's Florist, Inc., had a balance of $27,300 at the end of its

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The Inventory account for Kelly's Florist, Inc., had a balance of $27,300 at the end of its fiscal year. A physical count taken at year-end revealed that the value of inventory on hand amounted to $26,950.

Requirements

1. Journalize the adjustment for inventory shrinkage.

2. What could cause the inventory balance according to the physical count to be different from the ledger balance?

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Financial Accounting

ISBN: 978-0134436111

4th edition

Authors: Robert Kemp, Jeffrey Waybright

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Question Posted: Nov 17, 2017 08:54 AM

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The Inventory account for Kelly's Florist, Inc., had a balance of $27,300 at the end of its

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Req 1 Journal DATE ACCOUNTS POST Dr Cr REF Cost of Goods ...View the full answer

Financial Accounting

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