The inventory records of Spiro Company indicate that $62,500 of merchandise should be on hand at the end of the month. The physical inventory indicates that $58,800 is actually hand. The journal entry to adjust inventory shrinkage will include O a. a credít to Cash for $3,700. O b. a credit to Merchandise Inventory for $3,700. Oc. a debit to Merchandise Inventory for $3,700. Od. a credit to Cost of Merchandise Sold for $3,700.

The inventory records of Spiro Company indicate that $62,500 of merchandise should be on hand at the end of the month. The physical inventory indicates that $58,800 is actually hand. The journal entry to adjust inventory shrinkage will include O a. a credít to Cash for $3,700. O b. a credit to Merchandise Inventory for $3,700. Oc. a debit to Merchandise Inventory for $3,700. Od. a credit to Cost of Merchandise Sold for $3,700.

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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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