QS 5-13 Shrinkage LO4 Beamer Company's unadjusted ledger on July 31, the end of the fiscal year, includes the following accounts, which have normal balances (assume a perpetual inventory system): Merchandise inventory.. Joy Beamer, capital.. Joy Beamer, withdrawals Sales Sales discounts.. Sales returns and allowances. Cost of goods sold.. Depreciation expense.... Salaries expense. Miscellaneous expenses.. $ 34,800 115,300 4,000 157,200 1,700 3,500 102,000 7,300 29,500 2,000 A physical count of the inventory discloses that the cost of the merchandise on hand is $32,900. Prepare the entry to record this information and calculate gross profit.

QS 5-13 Shrinkage LO4 Beamer Company's unadjusted ledger on July 31, the end of the fiscal year, includes the following accounts, which have normal balances (assume a perpetual inventory system): Merchandise inventory.. Joy Beamer, capital.. Joy Beamer, withdrawals Sales Sales discounts.. Sales returns and allowances. Cost of goods sold.. Depreciation expense.... Salaries expense. Miscellaneous expenses.. $ 34,800 115,300 4,000 157,200 1,700 3,500 102,000 7,300 29,500 2,000 A physical count of the inventory discloses that the cost of the merchandise on hand is $32,900. Prepare the entry to record this information and calculate gross profit.

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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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