Answered: A company reports merchandise inventory…

A company reports merchandise inventory on December 31 at $250,000 but LCM applied to items is $200,000. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...

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Question

A company reports merchandise inventory on December 31 at $250,000 but
LCM applied to items is $200,000.
Note: Enter debits before credits.
Date
Dec 31
General Journal
Debit
Credit

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