The trial balance of Premier Lighting Co. shows Merchandise Inventory of $35,000. Based on a count taken on December 31, merchandise inventory at the end of the year actually totaled $28,000. The adjusting entry to remove the old merchandise inventory balance would be:
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- Premier Lighting Co. shows Merchandise Inventory of $35,000. Based on a count taken on December 31, merchandise inventory at the end of the year actually totaled $28,000. The adjusting entry to remove the old merchandise inventory balance would be: A)a debit to Income Summary of $28,000 and a credit to Merchandise Inventory for The adjusting entry to remove the old merchandise inventory balance would be:the records of Penny company indicated that $ 415,000 of merchandise should be on hand on december 31, the physical inventory indicates that $ 370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31.The perpetual inventory records of Penny Co. indicate that $415,000 of merchandise should be on hand on December 31. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31.
- Best Hardware uses a periodic inventory system. Its inven-tory was $38,000 at the beginning of the year and $40,000 at the end. During the year, Best made purchases of mer-chandise totaling $107,000. Identify all of the correct answers:a. To use this system, Best must take a complete physicalinventory twice each year.b. Prior to making adjusting and closing entries atyear-end, the balance in Best’s Inventory account is$38,000.c. The cost of goods sold for the year is $109,000.Spartan Company's perpetual inventory records indicate that $890,000 of merchandise should be on hand on October 31. The physical inventory count indicates that $876,000 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Spartan Company for the year ended October 31.The records of Penny Co. indicated that $384,630 of merchandise should be on hand on December 31. The physical inventory indicates that $381,550 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. Dec. 31
- The records of Penny Co. indicated that $417,650 of merchandise should be on hand on December 31. The physical inventory indicates that $414,310 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. If an amount box does not require an entry, leave it blank. Dec. 31Boyle Company uses the perpetual inventory system. At the end of the current fiscal year, the company's ledger for merchandise inventory has a balance of $25,000. The company takes a physical inventory count at the end of the year and the value of the inventory counted totals $23,250. What adjustment, if any, is required at the end of the period? a. No entry is required. b. Debit Merchandise Inventory for $1,750 and credit Inventory Short and Over for $1,750 c. Debit Inventory Short and Over for $1,750 and credit Merchandise Inventory for $1,750 d. Debit Income Summary for $1,750 and credit Merchandise Inventory for $1,750Cullumber Company uses the perpetual inventory system. It began operations in October. October through December, the accounting information system shows that purchases of $68200 were made. Cullumber returned goods with a cost of $4200. Inventory with a cost of $51300 was sold during the three months. These were the only inventory transactions during the period. A physical count of inventory at the end of December reported total inventory of $11000 remains on hand. An adjustment to bring the perpetual inventory count in line with the physical count would include a debit to Inventory Over and Short (or Cost of Goods Sold) for Ⓒ$2500. Ⓒ$4200. $1700. $3400.
- Zenith Company's Merchandise Inventory account at year-end has a balance of $91,820, but a physical count reveals that only $90,450 of inventory exists. The adjusting entry to record this $1,370 of inventory shrinkage is:Ivanhoe Company uses the perpetual inventory system. It began operations in October. October through December, the accounting information system shows that purchases of $68800 were made. Ivanhoe returned goods with a cost of $3700. Inventory with a cost of $51300 was sold during the three months. These were the only inventory transactions during the period. A physical count of inventory at the end of December reported total inventory of $10900 remains on hand. An adjustment to bring the perpetual inventory count in line with the physical count would include a debit to Inventory Over and Short (or Cost of Goods Sold) for O $5800. O $2900. O $800. O $6000.Chloe Company employs the perpetual inventory system. Cost of Goods Sold for the year before any adjustment is $275,450. The computer record shows the amount of ending inventory to be $55,382, while the physical count shows ending inventory to be $51,405. Record the adjustment into T accounts and then journalize the adjusting entry.
