!Required information[The following information applies to the questions displayed below.]Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances(Nix'It uses the perpetual inventory system).Merchandise inventoryT. Nix, CapitalT. Nix, WithdrawalsSalesSales discounts$ 43,800127,3007,000160, 6004,100Sales returns and allowancesCost of goods soldDepreciation expenseSalaries expenseMiscellaneous expensesPrepare the entry to record any inventory shrinkage.$ 5,300108,60011,50038,5005,000A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is$42,050. View transaction listJournal entry worksheet1Record the adjustment for inventory shrinkage based on physical count.Note: Enter debits before credits.DateJuly 31Record entryGeneral JournalClear entryDebitCreditView general journal

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Description: !Required information[The following information applies to the questions displayed below.]Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances(Nix'It uses the perpetual inventory

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Required information [The following information applies to the questions displayed below.] Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise inventory T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 43,800 127,300 7,000 160,600 4,100 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 5,300 108,600 11,500 38,500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $42,050.

Required information [The following information applies to the questions displayed below.] Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise inventory T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 43,800 127,300 7,000 160,600 4,100 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 5,300 108,600 11,500 38,500 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $42,050.

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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