Melrose St. Book Shop's unadjusted Merchandise Inventory at June 30, 2024 was $6,600. The cost associated with the physical count of inventory on hand on June 30, 2024, was $5,950. In addition, Melrose St. Book Shop estimated approximately $1,300 of merchandise sold will be returned with a cost of $900. Requirements 1. Journalize the adjustment for inventory shrinkage. 2. Journalize the adjustment for estimated sales returns. Requirement 1. Journalize the adjustment for inventory shrinkage. (Record debits first, then credits. Exclude explanations from journal entries.) Date Jun. 30 Accounts Debit Credit

Melrose St. Book Shop's unadjusted Merchandise Inventory at June 30, 2024 was $6,600. The cost associated with the physical count of inventory on hand on June 30, 2024, was $5,950. In addition, Melrose St. Book Shop estimated approximately $1,300 of merchandise sold will be returned with a cost of $900. Requirements 1. Journalize the adjustment for inventory shrinkage. 2. Journalize the adjustment for estimated sales returns. Requirement 1. Journalize the adjustment for inventory shrinkage. (Record debits first, then credits. Exclude explanations from journal entries.) Date Jun. 30 Accounts Debit Credit

Name: Melrose St. Book Shop's unadjusted Merchandise Inventory at June 30,
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Description: Melrose St. Book Shop's unadjusted Merchandise Inventory at June 30, 2024 was $6,600. The cost associated withthe physical count of inventory on hand on June 30, 2024, was $5,950. In addition, Melrose St. Book Shop estimatedapproximately $1,300 of m

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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