Ramir Alindogan Catering 's Inventory showed a balance of P100,000 before the year-end adjustments. The physical count of goods on hand totaled P97,000. To adjust the accounts, Ramir Alindogan would make this entry: Debit Inventory 3,000; Credit Accounts receivable 3,000 Debit Cost of Goods sold 3,000; Credit Inventory 3,000 Debit Inventory 3,000; Credit Cost of Goods sold 3,000 Debit Accounts Payable 3,000; Credit Inventory 3,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Ramir Alindogan Catering 's Inventory showed a balance of P100,000 before the year-end adjustments. The physical count of goods on hand totaled P97,000. To adjust the accounts, Ramir Alindogan would make this entry: Debit Inventory 3,000; Credit Accounts receivable 3,000 Debit Cost of Goods sold 3,000; Credit Inventory 3,000 Debit Inventory 3,000; Credit Cost of Goods sold 3,000 Debit Accounts Payable 3,000; Credit Inventory 3,000
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