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H3Ko H3Ko
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7 years ago
The Merchandise Inventory account balance is $50,000. An physical count of inventory reveals that actual inventory balance is $47,000. Which of the following would be included in the adjusting entry? (Assume a perpetual inventory system.)
A) a $3,000 credit to Merchandise Inventory
B) a $3,000 credit to Cost of Goods Sold
C) a $50,000 debit to Cost of Goods Sold
D) a $47,000 credit to Merchandise Inventory
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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H3Ko Author
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7 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
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