The Merchandise Inventory account of a company shows a balance of $70,000 but a physical count of inventory shows $69,000. Which of the following entries is required to record the shrinkage? (Assume a perpetual inventory system.) OA. Merchandise Inventory Cost of Goods Sold OB. Cost of Goods Sold Shrinkage Expense OC. Cash Merchandise Inventory OD. Cost of Goods Sold Merchandise Inventory 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

The Merchandise Inventory account of a company shows a balance of $70,000 but a physical count of inventory shows $69,000. Which of the following entries is required to record the shrinkage? (Assume a perpetual inventory system.) OA. Merchandise Inventory Cost of Goods Sold OB. Cost of Goods Sold Shrinkage Expense OC. Cash Merchandise Inventory OD. Cost of Goods Sold Merchandise Inventory 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

Name: Yas.5 The Merchandise Inventory account of a company shows a balance o
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Description: Yas.5 The Merchandise Inventory account of a company shows a balance of $70,000 but a physical count of inventory shows$69,000. Which of the following entries is required to record the shrinkage? (Assume a perpetual inventory system.)*****OA. Merchan

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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