At year end , the perpetual inventory records of Gutierrez company showed mercha

Question

At year end , the perpetual inventory records of Gutierrez company showed merchandise inventory of 100,000. The company determined , however , that it's actual inventory in hand was 98,400 Record the necessary adjusting entry ( Credit account titles are automatically indented when amount is entered. Do not indent manually ) At year end , the perpetual inventory records of Gutierrez company showed merchandise inventory of 100,000. The company determined , however , that it's actual inventory in hand was 98,400 Record the necessary adjusting entry ( Credit account titles are automatically indented when amount is entered. Do not indent manually ) Record the necessary adjusting entry ( Credit account titles are automatically indented when amount is entered. Do not indent manually )

Explanation / Answer

stock loss a/c Dr. 1600

to inventory a/c 1600

(being loss on stock booked as loss)

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