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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883

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BuyFindarrow_forward

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883
Chapter 4, Problem 12CDQ
Textbook Problem
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Office Outfitters Inc., which uses a perpetual inventory system, experienced a inventory shrinkage of $3,750. What accounts would 1w increased and decreased to record the adjustment for the inventory shrinkage at the end of the accounting period?

To determine

Concept Introduction:

An organization can be manufacturing, servicing of merchandising type. For a manufacturing business the activities are manufacturing, payment to the supplier, sales, and receipts from the customer. For a merchandiser, the main business activities are the purchase, payment to the supplier, sales, and receipts from the customer. For a servicing business, the main business activities are the purchase, payment to the supplier, services, and receipts from the customer.

To Indicate:

The effect of inventory shrinkage on the account and financial statements

Explanation of Solution

The effect of inventory shrinkage on the account and financial statements is explained as follows:

    #Account Account TypeFinancial Statement Amount Increase or Decrease

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Chapter 4 Solutions

Survey of Accounting (Accounting I)
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