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-   -   Adjusting entries? (https://www.askmehelpdesk.com/showthread.php?t=614181)

  • Nov 22, 2011, 04:00 PM
    johnsmith101
    Adjusting entries?
    I am having trouble adjusting these entries:

    a. Merchandise Inventory on July 31... $565,000

    The beginning balance was $602,400. After I completed the journal entries, I got $563,680. Now I am having trouble adjusting it. I don't know what to debit or credit?

    This is the only one I am having trouble adjusting.
  • Nov 25, 2011, 10:53 PM
    emopunk7
    We need more information!
  • Nov 26, 2011, 04:44 AM
    pready
    The difference between your beginning and ending Merchandise Inventory account is Cost Of Goods Sold, so your djusting entry will be:
    Deibit Cost of Goods Sold (GOGS) for the difference between your beginning and ending Merchandise Inventory
    Credit Merchandise Inventory for the same amount
  • Dec 13, 2011, 08:48 AM
    praveen.bdvt
    Get back to entries review all entries you might have entry of ommission.

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