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AccountingFinancial And Managerial Accounting15th Edition
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Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: a. 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. b. Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year's sales.

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 5, Problem 6BE
Textbook Problem
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Adjusting entries

Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following:

a. 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.

b. Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year's sales.

a.

To determine

Record the adjusting entry for inventory shrinkage.

Explanation of Solution

Inventory Shrinkage: It represents the loss of inventory. In other words, it refers to the difference between the amount of inventory shown in the accounting records and the actual inventory. The difference indicates the issues with the inventory caused due to lost, theft, clerical errors, damaged goods or spoilage.

Working Note:

Calculate the inventory shrinkage.

unadjusted merchandise inventory = $1,333,150

Physical count of inventory = $1,309,900

Inventory shrinkage} = {

b.

To determine

Record the adjusting entry for estimated sales returns and merchandise returns.

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