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Title: The Merchandise Inventory account of a company shows a balance of $70,000 but a physical count of ... Post by: H3Ko on Aug 29, 2016 The Merchandise Inventory account of a company shows a balance of $70,000 but a physical count of inventory shows $67,000 Which of the following entries is required to record the shrinkage? (Assume a perpetual inventory system.)
A) Cash 3,000 Merchandise Inventory 3,000 B) Cost of Goods Sold 3,000 Shrinkage Expense 3,000 C) Cost of Goods Sold 3,000 Merchandise Inventory 3,000 D) Merchandise Inventory 3,000 Cost of Goods Sold 3,000 Title: Re: The Merchandise Inventory account of a company shows a balance of $70,000 but a physical count ... Post by: Mrgo-breed on Aug 29, 2016 Content hidden
Title: Re: The Merchandise Inventory account of a company shows a balance of $70,000 but a physical count of ... Post by: H3Ko on Oct 12, 2016 YES! Can't believe I got this one right. Appreciate the confirmation
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