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H3Ko H3Ko
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8 years ago
The general ledger shows a balance of $66,400 in the Merchandise Inventory account at the end of the period. The physical inventory count shows inventory of $63,000. The adjusting entry includes a ________.
A) debit to Cost of Goods Sold and a credit to Cash for $3,400
B) debit to Merchandise Inventory and a credit to Cost of Goods Sold for $3,400
C) debit to Cost of Goods Sold and a credit to Merchandise Inventory for $3,400
D) debit to Merchandise Inventory and a credit to Cash for $3,400
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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TanksTanks
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H3Ko Author
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#2
8 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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