Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: The inventory account has a balance of $1,333,150, while physical inventory indicates that $1,309,900 of merchandise is on hand. Assume any shrinkage is a normal amount. Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year’s sales.
Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: The inventory account has a balance of $1,333,150, while physical inventory indicates that $1,309,900 of merchandise is on hand. Assume any shrinkage is a normal amount. Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year’s sales.
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 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...
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Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31
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The inventory account has a balance of $1,333,150, while physical inventory indicates that $1,309,900 of merchandise is on hand. Assume any shrinkage is a normal amount.
-
Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year’s sales.
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