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A company's inventory account balance at year end is $237,000. A physical count of inventory determines that the inventory on hand is actually $ 230,000 The required adjusting entry would be: Cost of Goods Sold Inventory Inventory Cost of Goods Sold Cost of Goods Sold Cash Cost of Goods Sold Inventory Debit 7,000 Debit 7,000 Debit 230,000 Debit 230,000 Credit 7,000 Credit 7,000 Credit 230,000 Credit 230,000

A company's inventory account balance at year end is $237,000. A physical count of inventory determines that the inventory on hand is actually $ 230,000 The required adjusting entry would be: Cost of Goods Sold Inventory Inventory Cost of Goods Sold Cost of Goods Sold Cash Cost of Goods Sold Inventory Debit 7,000 Debit 7,000 Debit 230,000 Debit 230,000 Credit 7,000 Credit 7,000 Credit 230,000 Credit 230,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company's inventory account balance at year end is $237,000. A physical count of inventory determines that the inventory on hand is actually $ 230,000 The required adjusting entry would be: Cost of Goods Sold Inventory Inventory Cost of Goods Sold Cost of Goods Sold Cash Cost of Goods Sold Inventory Previous Page Next Page Debit 7,000 Debit 7,000 Debit 230,000 Debit 230,000 Credit 7,000 Credit 7,000 Credit 230,000 Credit 230,000
Transcribed Image Text:A company's inventory account balance at year end is $237,000. A physical count of inventory determines that the inventory on hand is actually $ 230,000 The required adjusting entry would be: Cost of Goods Sold Inventory Inventory Cost of Goods Sold Cost of Goods Sold Cash Cost of Goods Sold Inventory Previous Page Next Page Debit 7,000 Debit 7,000 Debit 230,000 Debit 230,000 Credit 7,000 Credit 7,000 Credit 230,000 Credit 230,000
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