I need the adjusting entries

harmonma · #1 Dec 2, 2007, 03:42 PM

Inventory balance of $120,000
Cost of Goods Sold $240,000
Physical count on Dec. 31, 2000 - $92,000 of ending inventory
Adjust the inventory records assuming that the perpetual inventory method is used.

qcmar24 · Dec 3, 2007, 06:07 AM

First 120,000 - 92,000 = 28,000
Dr.Cost of goods sold.............28,000
Cr.Merchandise inventory...............28,000



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