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Select all that applySticky Companys merchandise inventory balance at year end is $15,050, but a physical count reveals that only $15,000 of inventory exists. The adjusting entry to record the shrinkage includes:Multiple select question.Debit to Cost of Goods Sold for $50Credit to Merchandise Inventory for $50 Credit to Cost of Goods Sold for $50 Debit to Merchandise Inventory for $50

Select all that applySticky Companys merchandise inventory balance at year end is $15,050, but a physical count reveals that only $15,000 of inventory exists. The adjusting entry to record the shrinkage includes:Multiple select question.Debit to Cost of Goods Sold for $50Credit to Merchandise Inventory for $50 Credit to Cost of Goods Sold for $50 Debit to Merchandise Inventory for $50

FINANCIAL ACCOUNTING
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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Select all that applySticky Companys merchandise inventory balance at year end is $15,050, but a physical count reveals that only $15,000 of inventory exists. The adjusting entry to record the shrinkage includes:Multiple select question.Debit to Cost of Goods Sold for $50Credit to Merchandise Inventory for $50 Credit to Cost of Goods Sold for $50 Debit to Merchandise Inventory for $50
Transcribed Image Text:Select all that applySticky Companys merchandise inventory balance at year end is $15,050, but a physical count reveals that only $15,000 of inventory exists. The adjusting entry to record the shrinkage includes:Multiple select question.Debit to Cost of Goods Sold for $50Credit to Merchandise Inventory for $50 Credit to Cost of Goods Sold for $50 Debit to Merchandise Inventory for $50
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