Answered: entry would include a on December 31,…

Name: Due to theft or error— the business should have on hand inventory cost
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Due to theft or error— the business should have on hand inventory costing $184,000. But on December 31, 2019 Steve Austin, the owner of Austin Sound, counts the merchandise in the store, and the total cost of the goods on hand comes to only $ 178,000

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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Due to theft or error— the business should have on hand inventory costing $184,000. But on December 31, 2019 Steve Austin, the owner of Austin Sound, counts the merchandise in the store, and the total cost of the goods on hand comes to only $ 178,000(actual amount). The entry would include a on December 31, 2019:

A) credit to Inventory 6,000
B) debit to Accounts Payable 6,000
C) debit to Sales Revenue 6,000
D) credit to Cost of Goods Sold 6,000

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