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    harmonma's Avatar
    harmonma Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Dec 2, 2007, 04:42 PM
    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.
    qcmar24's Avatar
    qcmar24 Posts: 65, Reputation: 3
    Junior Member
    		  
    #2

    Dec 3, 2007, 07:07 AM
    First 120,000 - 92,000 = 28,000
    Dr.Cost of goods sold... 28,000
    Cr.Merchandise inventory... 28,000
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