A company uses a periodic inventory system and during the December 31, year-end physical inventory count discovered that they have incurred a $300 shrinkage in inventory. The adjusting entry at the end of the year to record this shrinkage would be: Incom $ e 3 Sum 0 mary 0 Invent ory $ 5300

A company uses a periodic inventory system and during the December 31, year-end physical inventory count discovered that they have incurred a $300 shrinkage in inventory. The adjusting entry at the end of the year to record this shrinkage would be: Incom $ e 3 Sum 0 mary 0 Invent ory $ 5300

Name: Correct answer please fast A company uses a periodic inventory system
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Correct answer please fast A company uses a periodic inventory system andduring the December 31, year-end physicalinventory count discovered that they have incurreda $300 shrinkage in inventory. The adjusting entryat the end of the year to record thi

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

See similar textbooks

Related questions

Q: Aging of Receivables Schēdule The accounts receivable clerk for Kirchhoff Industries prepared the…

A: Accounts Receivable aging schedule is prepared to show the aging of the receivables

Q: I'd like the 1st question answered please for problem 23

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Required: a. Prepare a statement of LLC liquidation. b. Provide the journal entry for the final cash…

A: Given Information: Lester Capital = $48,630 Torres Capital = $65,630 Hearst Capital = $26,190…

Q: Required: 1. Prepare an income statement and statement of retained earnings for the year ended…

A: 1. Income statement Revenue earned $170,000 Less: Expenses Income tax expense -6000…

Q: What is the meaning of V MFG Ohs, V S&A Ohs, F MFG Ohs snd F S&A Ohs on the chat answer

A: V MFG Ohs, V S&A Ohs, F MFG Ohs and F S&A Ohs, these are the short form some of the titles…

Q: Inter Company was founded in Dec 2018. Inter Company provides sports services to customers. During…

A: T-accounts are created by posting transactions to their respective accounts and then calculating the…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Step 1:Alteryx Designer is a data analytics software that enables users to blend and analyze data…

Q: can you help with the t account

A: The question is asking about T accounts. Please refer attached image in step 2 and 3 for T account…

Q: rmn.3 answer must be in table format or i will give down vote

A: Approach to solving the question:I need more context about this. If you give me more information…

Q: Let's start the activities with this simple word hunt. All you have to do is to look for the…

A: Permanent accounts are those accounts that are not closed at the end of the year. Though their…

Q: Hello. Please answer required 2 (journalize) Thanks.

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: in text form with proper workings and explanation for each and every part and steps with concept and…

A: Detailed explanation:The process of tracing transaction flow from creation to disposition is called…

Q: 2. In Year 2, Chalon Company records the payment of $450 cash for an expense accrued in Year 1 and…

A: Payment for the last year will be considered as liabilities payment and expenses during the year are…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: The Answer is " Each quote may result in many future orders"A quote is the last price at which an…

Q: Present perfect an action that began in the past and True O False O

A: The present perfect tense is used to express actions that started in the past and are still ongoing…

Q: Required: 2. The name for the symbol that you selected to replace block 1 in the process is which of…

A: Events are activities that occur throughout a BPNM process and are symbolized by squares. Start…

Q: Write a note on IFRS.

A: International Financial Reporting Standards (IFRS): The International Accounting Standards Board…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Correct answer please fast

A company uses a periodic inventory system and
during the December 31, year-end physical
inventory count discovered that they have incurred
a $300 shrinkage in inventory. The adjusting entry
at the end of the year to record this shrinkage
would be:
Incom $
e
3
Sum o
mary 0
Invent
ory
"No Entry"
$
Invento 3
ry
Cost of
Goods
Sold
LA MOO
LA MOO
Invent
ory
0
Cost $
of
Goods 0
Sold 0
AMOO
SAMOO
SAMOO

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Explanation

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A physical count reveals that the latest inventory amount is 256,339. Record the adjusting entries, using T accounts.
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
Refer to the information in E22-13. Required: Prepare the correcting journal entries if the company discovers each error 2 years after it is made and it has closed the books for the second year. Ignore income taxes. E22-13: The following are independent errors made by a company that uses the periodic inventory system: a. Goods in transit, purchased on credit and shipped FOB destination, 10,000, were included in purchases but not in the physical count of ending inventory. b. Purchase of a machine for 2,000 was expensed. The machine has a 4-vear life, no residual value, and straight-line depreciation is used. c. Wages payable of 2,000 were not accrued. d. Payment of next years rent, 4,000, was recorded as rent expense. e. Allowance for doubtful accounts of 5,000 was not recorded. The company normally uses the aging method. f. Equipment with a book value of 70,000 and a fair value of 100,000 was sold at the beginning of the year. A 2-year, non-interest-bearing note for 129,960 was received and recorded at its face value, and a gain of 59,960 was recognized. No interest revenue was recorded and 14% is a fair rate of interest.
Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30.
Inventory by three cost flow methods Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31. 2O’7. of Amsterdam Appliances are summarized as follows: Instructions Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a perpetual inventory system and a 360-day calendar fiscal year. Rescue Sequences LLC uses a perpetual inventory system.
Beginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.
The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.
On December 31, Marchant Company took a physical count of its merchandise inventory. It operates under the perpetual inventory system. The physical count amounted to 185,294. The Merchandise Inventory account shows a balance of 187,936. Journalize the adjusting entry.
Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31.