1. Travis Company purchased merchandise on account from a supplier for $7,400, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Prepare the journal entry assuming a perpetual inventory system 2. Madison Company's perpetual inventory records indicate that $875,300 of merchandise should be on hand on October 31. The physical inventory indicates that $781,900 is actually on hand. Journalize the adjusting entry for the i nventory shrinkage for Madison Company for the year ended October 31.
1. Travis Company purchased merchandise on account from a supplier for $7,400, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Prepare the journal entry assuming a perpetual inventory system 2. Madison Company's perpetual inventory records indicate that $875,300 of merchandise should be on hand on October 31. The physical inventory indicates that $781,900 is actually on hand. Journalize the adjusting entry for the i nventory shrinkage for Madison Company for the year ended October 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1.
| Travis Company purchased merchandise on account from a supplier | |||
| for $7,400, terms 2/10, net 30. Travis Company | |||
| paid for the merchandise within the discount period. | |||
| Prepare the |
2.
| Madison Company's perpetual inventory records indicate that $875,300 | ||||
| of merchandise should be on hand on October 31. | ||||
| The physical inventory indicates that $781,900 is actually on hand. | ||||
| Journalize the |
||||
| nventory shrinkage for Madison Company for the year ended October 31. |
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