Solution-Which entries is required to record the shrinkage

Which entries is required to record the shrinkage

Assignment Help Cost Accounting

Reference no: EM132796445

Problem 1: The Merchandise Inventory account of Prof. Shu Catering LLC. shows a balance of $30,000, but a physical count of inventory shows $29,000. Which of the following entries is required to record the shrinkage? (Assume a perpetual inventory system.)

Option 1: Cash 1,000?
Merchandise Inventory? 1,000

Option 2: Cost of Goods Sold 1,000?
Shrinkage Expense? 1,000

Option 3: Merchandise Inventory 1,000?
Cost of Goods Sold ?1,000

Option 4: Cost of Goods Sold 1,000?
Merchandise Inventory? 1,000

Reference no: EM132796445

Questions Cloud

What is the number of meals required to break-even : Variable Marketing Costs 10% of sales. What is the number of meals (unit sales volume) required to break-even

Identify the organization along with the topic : Identify the organization along with the topic/issue presented in the PSA or commercial.

What are some strengths of the proposal : Share your written proposal with your manager, supervisor or other colleague in a formal leadership position within a health care organization.

Major findings to dwight that you discovered : Create a executive summary that reports major findings to Dwight that you have discovered. What does EC want from its customer relationships?

Which entries is required to record the shrinkage : Catering LLC. shows a balance of $30,000, but a physical count of inventory shows $29,000. Which of the following entries is required to record the shrinkage?

Define the role of the family in patient education : Explain the health professional's role in teaching the patient at different life stages. Define the role of the family in patient education.

Compare and contrast coaching and counseling : Compare and contrast coaching and counseling, giving examples of both. Pertaining to the management theory work process environment.

Global challenges such as the corona virus pandemic : As the CEO of a major business corporation now facing global challenges such as the Corona Virus pandemic

What is the price of the bonds : Doisneau 23-year bonds have an annual coupon interest of 14 percent, make interest payments on a semiannual basis, What is the price of the bonds

User Account

All Pages

Which entries is required to record the shrinkage

Reference no: EM132796445

Reference no: EM132796445

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT