Mischa Company has an inventory balance of $903,950 on December 31, 2014. During 2015 Mischa purchased merchandise for $97,500 and sold merchandise that had a cost of $714,220.
Instructions
a. Prepare the adjusting entries assuming the inventory count on December 31, 2014 revealed a balance of $914,450.
b. Prepare the adjusting entries assuming the inventory count on December 31, 2015 revealed a balance of $292,370.
Correct Answer:
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