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AccountingAccounting (Text Only)26th Edition

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Chapter 6, Problem 10DQ
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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 6.1APE
Problem 6.1BPE
Problem 6.2APE
Problem 6.2BPE
Problem 6.3APE
Problem 6.3BPE
Problem 6.4APE
Problem 6.4BPE
Problem 6.5APE
Problem 6.5BPE
Problem 6.6APE
Problem 6.6BPE
Problem 6.7APE
Problem 6.7BPE
Problem 6.1EX
Problem 6.2EX
Problem 6.16EX
Problem 6.3EX
Problem 6.4EX
Problem 6.5EX
Problem 6.6EX
Problem 6.7EX
Problem 6.8EX
Problem 6.9EX
Problem 6.10EX
Problem 6.11EX
Problem 6.12EX
Problem 6.13EX
Problem 6.14EX
Problem 6.15EX
Problem 6.17EX
Problem 6.18EX
Problem 6.19EX
Problem 6.20EX
Problem 6.21EX
Problem 6.22EX
Problem 6.23EX
Problem 6.24EX
Problem 6.25EX
Problem 6.26EX
Problem 6.27EX
Problem 6.28EX
Problem 6.29EX
Problem 6.30EX
Problem 6.31EX
Problem 6.32EX
Problem 6.33EX
Problem 6.34EX
Problem 6.35EX
Problem 6.36EX
Problem 6.37EX
Problem 6.38EX
Problem 6.39EX
Problem 6.1APR
Problem 6.2APR
Problem 6.3APR
Problem 6.4APR
Problem 6.5APR
Problem 6.6APR
Problem 6.7APR
Problem 6.8APR
Problem 6.9APR
Problem 6.10APR
Problem 6.1BPR
Problem 6.2BPR
Problem 6.3BPR
Problem 6.4BPR
Problem 6.5BPR
Problem 6.6BPR
Problem 6.7BPR
Problem 6.8BPR
Problem 6.9BPR
Problem 6.10BPR
Problem 1COP
Problem 6.1CP
Problem 6.2CP
Problem 6.3CP
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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Assume that Audio Outfitter Inc. in Discussion Question 9 experienced an abnormal inventory shrinkage of $98,600. Audio Outfitter Inc. has decided to record the abnormal inventory shrinkage so that it would he disclosed separately on the income statement. What account would be debited for the abnormal inventory shrinkage?

To determine

Perpetual Inventory System: In this system record of inventory is maintained in a computerized manner as and when the transaction is made. The running records are maintained for inventory and cost of goods sold. The record shows the accurate position of inventory at any given point of time during the financial year.

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.

To State: Which account is debited when recording abnormal inventory shrinkage using the perpetual inventory system.

Explanation

Explanation

  • Loss from merchandise inventory shrinkage is an expense account and it decreases the value of equity by $98,600. Therefore, debit the account with $98,600...

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Ch-6 P-1DQCh-6 P-2DQCh-6 P-3DQCh-6 P-4DQCh-6 P-5DQCh-6 P-6DQCh-6 P-7DQCh-6 P-8DQCh-6 P-9DQCh-6 P-10DQ
Ch-6 P-6.1APECh-6 P-6.1BPECh-6 P-6.2APECh-6 P-6.2BPECh-6 P-6.3APECh-6 P-6.3BPECh-6 P-6.4APECh-6 P-6.4BPECh-6 P-6.5APECh-6 P-6.5BPECh-6 P-6.6APECh-6 P-6.6BPECh-6 P-6.7APECh-6 P-6.7BPECh-6 P-6.1EXCh-6 P-6.2EXCh-6 P-6.16EXCh-6 P-6.3EXCh-6 P-6.4EXCh-6 P-6.5EXCh-6 P-6.6EXCh-6 P-6.7EXCh-6 P-6.8EXCh-6 P-6.9EXCh-6 P-6.10EXCh-6 P-6.11EXCh-6 P-6.12EXCh-6 P-6.13EXCh-6 P-6.14EXCh-6 P-6.15EXCh-6 P-6.17EXCh-6 P-6.18EXCh-6 P-6.19EXCh-6 P-6.20EXCh-6 P-6.21EXCh-6 P-6.22EXCh-6 P-6.23EXCh-6 P-6.24EXCh-6 P-6.25EXCh-6 P-6.26EXCh-6 P-6.27EXCh-6 P-6.28EXCh-6 P-6.29EXCh-6 P-6.30EXCh-6 P-6.31EXCh-6 P-6.32EXCh-6 P-6.33EXCh-6 P-6.34EXCh-6 P-6.35EXCh-6 P-6.36EXCh-6 P-6.37EXCh-6 P-6.38EXCh-6 P-6.39EXCh-6 P-6.1APRCh-6 P-6.2APRCh-6 P-6.3APRCh-6 P-6.4APRCh-6 P-6.5APRCh-6 P-6.6APRCh-6 P-6.7APRCh-6 P-6.8APRCh-6 P-6.9APRCh-6 P-6.10APRCh-6 P-6.1BPRCh-6 P-6.2BPRCh-6 P-6.3BPRCh-6 P-6.4BPRCh-6 P-6.5BPRCh-6 P-6.6BPRCh-6 P-6.7BPRCh-6 P-6.8BPRCh-6 P-6.9BPRCh-6 P-6.10BPRCh-6 P-1COPCh-6 P-6.1CPCh-6 P-6.2CPCh-6 P-6.3CP

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