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bravata bravata
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7 years ago
A company uses the perpetual inventory system. At year end the general ledger indicated that this company had a balance of $50,000 in the Inventory account. Actual inventory on hand per a physical count was $51,500. What action does the company now need to take?
A) No action is needed; the difference between the ledger and actual is less than 5%.
B) The company needs to debit Cost of Goods Sold and credit Inventory, $1,500.
C) The company needs to debit Inventory and credit Cost of Goods Sold for $1,500.
D) The company should debit the Purchases account and credit Cost of Goods Sold.
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Financial Accounting

Financial Accounting


Edition: 3rd
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antonio_johnantonio_john
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Massachusetts Institute of Technology
-- Accounting

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bravata Author
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#2
7 years ago
Thank you so much

I wish I knew about this years ago
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