Solved

The Merchandise Inventory Account of a Company Shows a Balance

Question 142

Multiple Choice

The Merchandise Inventory account of a company shows a balance of $30,000,but a physical count of inventory shows $29,000.Which of the following entries is required to record the shrinkage? (Assume a perpetual inventory system. )


A)
The Merchandise Inventory account of a company shows a balance of $30,000,but a physical count of inventory shows $29,000.Which of the following entries is required to record the shrinkage? (Assume a perpetual inventory system. ) A) B) C) D)
B)
The Merchandise Inventory account of a company shows a balance of $30,000,but a physical count of inventory shows $29,000.Which of the following entries is required to record the shrinkage? (Assume a perpetual inventory system. ) A) B) C) D)
C)
The Merchandise Inventory account of a company shows a balance of $30,000,but a physical count of inventory shows $29,000.Which of the following entries is required to record the shrinkage? (Assume a perpetual inventory system. ) A) B) C) D)
D)
The Merchandise Inventory account of a company shows a balance of $30,000,but a physical count of inventory shows $29,000.Which of the following entries is required to record the shrinkage? (Assume a perpetual inventory system. ) A) B) C) D)

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q121: Journalize the following transactions for a merchandiser

Q124: When a customer returns goods to the

Q137: On March 18,James Smith purchased $5,000 of

Q138: Under the perpetual inventory system,the adjusting journal

Q141: In a perpetual inventory system,the entry that

Q141: The general ledger shows a balance of

Q143: A company ships goods to a customer

Q144: York Merchandising Company uses a perpetual inventory

Q148: The Merchandise Inventory account should stay current

Q152: Merchandisers must adjust for estimated sales returns

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents