When the physical count of Swifty Company inventory had a cost of $4,390 at year-end and the unadjusted balance in Inventory was $4,630, Swifty will have to make the following entry:- Option 1: - Inventory 240 - Cost of Goods Sold 240- Option 2: - Cost of Goods Sold 240 - Inventory 240- Option 3: - Cost of Goods Sold 4630 - Inventory 4630- Option 4: - Income Summary 240 - Inventory 240Buttons:- Save for Later- Submit AnswerAttempts: 0 of 1 used

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Description: When the physical count of Swifty Company inventory had a cost of $4,390 at year-end and the unadjusted balance in Inventory was $4,630, Swifty will have to make the following entry:- Option 1: - Inventory 240 - Cost of Goods Sold 240- Option 2:

When ending inventory is overstated, this reduces the amount of inventory that would otherwise have…

Business

Accounting

When the physical count of Swifty Company inventory had a cost of $4390 at year end and the unadjusted balance in Inventory was $4630, Swifty will have to make the following entry: Inventory 240 Cost of Goods Sold 240 Cost of Goods Sold 240 Inventory 240 O Cost of Goods Sold 4630 Inventory 4630 Income Summary 240 Inventory 240

When the physical count of Swifty Company inventory had a cost of $4390 at year end and the unadjusted balance in Inventory was $4630, Swifty will have to make the following entry: Inventory 240 Cost of Goods Sold 240 Cost of Goods Sold 240 Inventory 240 O Cost of Goods Sold 4630 Inventory 4630 Income Summary 240 Inventory 240

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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