The following information is taken from the General Ledger of Ben's BMX Bikes at September 30, 2014. A physical count of the inventory indicates that the actual amount on hand is $5,450. Ben's uses the perpetual inventory system.
Instructions
a. Prepare the journal entry to adjust inventory.
b. Prepare the closing entries.
c. Prepare the post-closing trial balance.
d. Prepare a multiple-step income statement.
e. Calculate Ben's gross profit margin.

Question

The following information is taken from the General Ledger of Ben's BMX Bikes at September 30, 2014.  A physical count of the inventory indicates that the actual amount on hand is $5,450. Ben's uses the perpetual inventory system.
Instructions 
a. Prepare the journal entry to adjust inventory.
b. Prepare the closing entries.
c. Prepare the post-closing trial balance.
d. Prepare a multiple-step income statement.
e. Calculate Ben's gross profit margin.

Quizplus · Accepted Answer

The Answer of The following information is taken from the General Ledger of Ben's BMX Bikes at September 30, 2014.  A physical count of the inventory indicates that the actual amount on hand is $5,450. Ben's uses the perpetual inventory system.
Instructions 
a. Prepare the journal entry to adjust inventory.
b. Prepare the closing entries.
c. Prepare the post-closing trial balance.
d. Prepare a multiple-step income statement.
e. Calculate Ben's gross profit margin.

The Following Information Is Taken from the General Ledger of Ben's