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    SamiKatt's Avatar
    SamiKatt Posts: 1, Reputation: 1
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    #1

    Nov 14, 2009, 07:29 AM
    Improperly Included Merchandise during Inventory Count
    The physical inventory count on Dec. 31, 2008, improperly included merchandise with a cost of $18,500 that had been recorded as a sale on Dec. 27, 2008 and was being held for the customer to pick-up on Jan. 04, 2009. What would be the journal entry(ies) for removing this inventory from the stock that was counted?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Nov 15, 2009, 06:52 AM

    Debit COGS for the amount
    Credit Inventory for the amount
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