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H3Ko H3Ko
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7 years ago
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
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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Mrgo-breedMrgo-breed
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7 years ago
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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