Sheridan Electronics uses a perpetual inventory system which, at the company's year-end December 31, 2023, indicated an inventory value of $1,034,350. A physical inventory count was conducted and it was determined that the inventory value was $994,275. Prepare the journal entry to record the difference between the perpetual inventory record and the physical inventory count. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)
Sheridan Electronics uses a perpetual inventory system which, at the company's year-end December 31, 2023, indicated an inventory value of $1,034,350. A physical inventory count was conducted and it was determined that the inventory value was $994,275. Prepare the journal entry to record the difference between the perpetual inventory record and the physical inventory count. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Rahul
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Sheridan Electronics uses a perpetual inventory system which, at the company's year-end December 31, 2023, indicated an inventory
value of $1,034,350. A physical inventory count was conducted and it was determined that the inventory value was $994,275.
Prepare the journal entry to record the difference between the perpetual inventory record and the physical inventory count. (Credit
account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter O for the amounts. List debit entry before credit entry.)
Account Titles and Explanation
Debit
Credit
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