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    johnsmith101's Avatar
    johnsmith101 Posts: 1, Reputation: 1
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    #1

    Nov 22, 2011, 04:00 PM
    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.
    emopunk7's Avatar
    emopunk7 Posts: 1,052, Reputation: 161
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    #2

    Nov 25, 2011, 10:53 PM
    We need more information!
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Nov 26, 2011, 04:44 AM
    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
    praveen.bdvt's Avatar
    praveen.bdvt Posts: 2, Reputation: 1
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    #4

    Dec 13, 2011, 08:48 AM
    Get back to entries review all entries you might have entry of ommission.
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