[The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the Mega Driver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts Quantity Unit Cost Unit NRV 36 $65 $71 MegaDriver 16 370 290 MegaDriver II 31 390 430 3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record any necessary adjusting entry for inventory. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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[The following information applies to the questions displayed below.]
A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf
equipment. As technology advances the design and performance of the next generation of drivers, the older models
become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf
clubs) introduces the MegaDriver II, the new and improved version of the Mega Driver. Below are year-end amounts
related to Golf USA's inventory.
Inventory
Shirts
Quantity
36
Unit Cost
Unit NRV
$65
$71
MegaDriver
16
370
290
MegaDriver II
31
390
430
3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
Journal entry worksheet
1
Record any necessary adjusting entry for inventory.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit
Transcribed Image Text:[The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the Mega Driver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts Quantity 36 Unit Cost Unit NRV $65 $71 MegaDriver 16 370 290 MegaDriver II 31 390 430 3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record any necessary adjusting entry for inventory. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit
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