Solution-General journal debit credit loss

General journal debit credit loss

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Reference no: EM13553326

Suppose management estimated the market valuation of some obsolete inventory at $99,000; this inventory was recorded at $120,000, which resulted in recognizing a loss of $21,000.

The auditors obtained the following information:The inventory in question could be sold for an amount between $78,000 and $92,000. The costs of advertising and shipping could range from $5,000 to $7,000. Prepare the appropriate accounting entry.

General Journal Debit Credit Loss (COGS) ? Inventory ?

Reference no: EM13553326

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General journal debit credit loss : estimated the market valuation of some obsolete inventory at $99,000; this inventory was recorded at $120,000, which resulted in recognizing a loss of $21,000.

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General journal debit credit loss

Reference no: EM13553326

Reference no: EM13553326

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