uppose you work for a company that sells computers and that you have been asked to oversee doing a physical count and valuation of the inventory at year end. You determine the value of inventory on hand to be $23,500 yet according to the Inventory account in the ledger the balance should be $35,000. give two reasons that could explain why the balances are not the same and what journal entry would need to be recorded in the books?
uppose you work for a company that sells computers and that you have been asked to oversee doing a physical count and valuation of the inventory at year end. You determine the value of inventory on hand to be $23,500 yet according to the Inventory account in the ledger the balance should be $35,000. give two reasons that could explain why the balances are not the same and what journal entry would need to be recorded in the books?
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 1RQ: A firm is preparing to make adjusting entries at the end of the accounting period. The balance of...
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