What are the Adjusting Entries for the following? A company uses a calendar year

Question

What are the Adjusting Entries for the following? A company uses a calendar year. The following figures are available: Inventory, January 1 : $405,000 (by physical count) Inventory, December 31: $411,000 (by physical count) In journal form, record the adjusting entries. Record the adjusting entries, assuming that the company uses the periodic inventory system. DESCRIPTION DEBIT CREDIT 1 2 3 4 What are the Adjusting Entries for the following? A company uses a calendar year. The following figures are available: Inventory, January 1 : $405,000 (by physical count) Inventory, December 31: $411,000 (by physical count) In journal form, record the adjusting entries. Record the adjusting entries, assuming that the company uses the periodic inventory system. DESCRIPTION DEBIT CREDIT 1 2 3 4

Explanation / Answer

Debit: Merchandise inventory 3,000

Credit: Cost of goods sold 3,000

DESCRIPTION DEBIT CREDIT


Inventory $ 3,000
Inventory Change
$ 3,000

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