Reference no: EM132717592
Question - Ready Retailer reported Inventory in the amount of $ 88,000 on their December 31, 2019 Balance Sheet.
During the course of the year, Ready Retailer always "Expenses" any inventory that is purchased during the year, with "Cost of Goods Sold" always being the account debited.
At the end of the year, Ready Retailer completes a physical count of their inventory, and makes an adjusting entry so that their Inventory account is properly stated on their year-end, audited financial statements.
During 2020, Ready Retailer purchased a total of $ 720,000 of Inventory. On December 31, 2020, a physical count of inventory indicated that $ 105,000 of Inventory remained on hand.
What "adjusting entry" should Ready Retailer prepare on December 31, 2020 so that their Inventory balance is properly stated?
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