What adjusting journal entry required to record inventory

Assignment Help Accounting Basics
Reference no: EM132532560

Problem - Merchandise inventory shrinkage

The perpetual inventory records indicate that $210,725 of merchandise should be on hand on December 31, 1998. The physical inventory indicates that $204,975 of merchandise is actually on hand. What is the adjusting journal entry required to record inventory shrinkage for the year ended December 31, 1998? Show your solution and underline the final answer.

Reference no: EM132532560

Questions Cloud

Describe an overall corporate code of ethics : The corporate Board of Directors has asked you to provide a portfolio of your research into the expansion of the company into the country you presented.
Big data and cloud computing by using bibliometrics : Provide your assessment on whether the United States need to introduce top talents in the field of big data and cloud computing by using bibliometrics.
Find how much money should put in a savings account today : Find how much money should you put in a savings account today. Assume that the savings account pays you 3.6 percdent and it is compounded annually
What is the present value of the cash flow pattern : If the appropriate discount rate is 9.7 percent per year, what is the present value of this cash flow pattern? ?Round the answer to two decimal places.
What adjusting journal entry required to record inventory : The physical inventory indicates that $204,975 of merchandise is actually on hand. What is the adjusting journal entry required to record inventory
Compute what is the present value of the future amount : What is the present value of the following future amount? $434,682, to be received 8 years from now, discounted back to the present at 6 percent
What is the amount of cash received by the seller : The transportation is prepaid by the seller, and that the invoice is paid within the discount period, what is the amount of cash received by the seller
How much money have accumulated for retirement : You are going to withdraw $93,512 every year at the end of the year for the next 15 years. How much money have you accumulated for your retirement?
Lawsuits against opioid manufacturers : There are over 2,500 lawsuits against Opioid manufacturers by various local, state and tribal governments.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd