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-   -   I need the adjusting entries (https://www.askmehelpdesk.com/showthread.php?t=158496)

  • Dec 2, 2007, 04:42 PM
    harmonma
    I need the adjusting entries
    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.
  • Dec 3, 2007, 07:07 AM
    qcmar24
    First 120,000 - 92,000 = 28,000
    Dr.Cost of goods sold... 28,000
    Cr.Merchandise inventory... 28,000

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