Suppose Perfect Picture Photography Supply's Inventory account showed a balance of $44,700. A physical count showed $43,300 of goods on hand. To adjust the inventory account, Perfect Picture Photography Supply would make which of the following entries? O A. Cost of goods sold 1,400 Inventory 1,400 OB. Inventory 1,400 Accounts payable 1,400 ○ C. Accounts payable 1,400 Inventory 1,400 O D. Inventory 1,400 Cost of goods sold 1,400
Suppose Perfect Picture Photography Supply's Inventory account showed a balance of $44,700. A physical count showed $43,300 of goods on hand. To adjust the inventory account, Perfect Picture Photography Supply would make which of the following entries? O A. Cost of goods sold 1,400 Inventory 1,400 OB. Inventory 1,400 Accounts payable 1,400 ○ C. Accounts payable 1,400 Inventory 1,400 O D. Inventory 1,400 Cost of goods sold 1,400
Chapter10: Inventory
Section: Chapter Questions
Problem 5PA: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to...
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![Suppose Perfect Picture Photography Supply's Inventory account showed a balance of
$44,700. A physical count showed $43,300 of goods on hand. To adjust the
inventory account, Perfect Picture Photography Supply would make which of the
following entries?
○ A.
Cost of goods sold
1,400
Inventory
1,400
OB.
Inventory
1,400
Accounts payable
1,400
○ C.
Accounts payable
1,400
Inventory
1,400
O D.
Inventory
1,400
Cost of goods sold
1,400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fedf560b2-ec3b-44ae-8401-c0194fef94b4%2F91e4d446-0412-4b35-b142-bbe9ae72e3f4%2Fwyp7tv2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose Perfect Picture Photography Supply's Inventory account showed a balance of
$44,700. A physical count showed $43,300 of goods on hand. To adjust the
inventory account, Perfect Picture Photography Supply would make which of the
following entries?
○ A.
Cost of goods sold
1,400
Inventory
1,400
OB.
Inventory
1,400
Accounts payable
1,400
○ C.
Accounts payable
1,400
Inventory
1,400
O D.
Inventory
1,400
Cost of goods sold
1,400
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