Zamora Corporation uses the perpetual inventory system. The following information is presented as of December 31, the end of its fiscal year:
Beginning inventory, January 1
$147,572
Merchandise purchased during the year
68,950
Merchandise sold during the year
112,341
Physical count of ending inventory, December 31
102,789
Instructions:
Prepare the journal entry to adjust Merchandise Inventory at year end on page 10.

Question

Quizplus · Accepted Answer

The Answer of Zamora Corporation uses the perpetual inventory system. The following information is presented as of December 31, the end of its fiscal year:
Beginning inventory, January 1
$147,572
Merchandise purchased during the year
68,950
Merchandise sold during the year
112,341
Physical count of ending inventory, December 31
102,789
Instructions:
Prepare the journal entry to adjust Merchandise Inventory at year end on page 10.

Zamora Corporation Uses the Perpetual Inventory System