Great Electronics sells two types of products: laptops and monitors. They purchased the laptops at $500/unit and the monitors at $180/unit. When they examine the ending inventory at the end of the accounting period, they count 50 laptops and 30 monitors. They determine the market value of the laptops is $520/unit and the value of the monitors is $140/unit. Record the journal entry to bring the inventory to the correct amount on the balance sheet.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Great Electronics sells two types of products: laptops and monitors. They purchased the laptops
at $500/unit and the monitors at $180/unit. When they examine the ending inventory at the
end of the accounting period, they count 50 laptops and 30 monitors. They determine the
market value of the laptops is $520/unit and the value of the monitors is $140/unit.
Record the journal entry to bring the inventory to the correct amount on the balance sheet.
Transcribed Image Text:Great Electronics sells two types of products: laptops and monitors. They purchased the laptops at $500/unit and the monitors at $180/unit. When they examine the ending inventory at the end of the accounting period, they count 50 laptops and 30 monitors. They determine the market value of the laptops is $520/unit and the value of the monitors is $140/unit. Record the journal entry to bring the inventory to the correct amount on the balance sheet.
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