Assume that a perpetual inventory system is used and the records indicate that$191,400 of merchandise should be on hand on March 31, 20Y4. The physical inventory indicates that $185,625 of merchandise is actually on hand. Select the entry below that is needed to correctly journalize the inventory shrinkage. DESCRIPTION P.REF. DEBIT CREDIT DATE Mar. 31 Merchandise Inventory $5,575 Cost of Merchandise Sold $5,575 DESCRIPTION P.REF. DEBIT CREDIT DATE Mar. 31 Cost of Merchandise Sold $5,575 Merchandise Inventory $5,575 Mar. 31 Cost of Merchandise Sold $11,550 Merchandise Inventory $11,550 DESCRIPTION P.REF. DEBIT CREDIT DATE Mar. 31 Cash $11,550 Sales $11,550
Assume that a perpetual inventory system is used and the records indicate that$191,400 of merchandise should be on hand on March 31, 20Y4. The physical inventory indicates that $185,625 of merchandise is actually on hand. Select the entry below that is needed to correctly journalize the inventory shrinkage. DESCRIPTION P.REF. DEBIT CREDIT DATE Mar. 31 Merchandise Inventory $5,575 Cost of Merchandise Sold $5,575 DESCRIPTION P.REF. DEBIT CREDIT DATE Mar. 31 Cost of Merchandise Sold $5,575 Merchandise Inventory $5,575 Mar. 31 Cost of Merchandise Sold $11,550 Merchandise Inventory $11,550 DESCRIPTION P.REF. DEBIT CREDIT DATE Mar. 31 Cash $11,550 Sales $11,550
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning