Comprehensive: Inventory Adjustments Layne Corporation, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2019:
Additional information is as follows:
Required:
Prepare a schedule of adjustments as of December 31, 2019, to the initial amounts in inventory, accounts payable, and sales. Show separately the effect, if any, of each of the eight transactions on the December 31, 2019, amounts. Indicate if the transactions would have no effect on the initial amount shown.
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