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Norma-Jean [14]
3 years ago
6

Assume that Jones Company has an unadjusted balance in Merchandise Inventory of $100,000. Due to shrinkage, a physical inventory

shows that Merchandise Inventory is actually $99,000. The journal entry to record the needed adjustment would be:
Business
1 answer:
Liono4ka [1.6K]3 years ago
6 0

The journal entry that is needed to record the needed adjustment is;

Cost of Goods sold: 1,000 debit

Merchandise Inventory: 1,000 credit

When making the journal entry the company needs to adjust for the lower amount of merchandise that they have. Then the cost of the goods that were sold needs to be debited. Lastly, the merchandise inventory is credited.

It is imperative that all companies keep an updated journal. This helps to keep the balances correct. If the company has an audit and the adjustments aren't made correctly they could be fined.

Learn more merchandise inventory at brainly.com/question/13414269

#LearnwithBrainly

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Mr Sinclair has diabetes and heart trouble and is generally satisfied with the care he has received under original Medicare, but
bonufazy [111]

Answer:

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mazda once included a solar powered ventilation system on its cars. a solar panel on the roof powered a pair of fans near the tr
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<h3>What is Lean manufacturing?</h3>

Lean manufacturing  can be described as the methodology  whioch ius been used by the company so as top be able to minimize waste within manufacturing systems.

It should be noted that with this miniumization thjat is been done,  there is simultaneously maximization of productivity howevr the Waste  caqn be described as the thin gs that do not go well with the customers or those things that dop not  adds value and are not willing to pay for.

In conclusion, the Lean manufacturing can be descroibed as the type of manufacturing that canm be use toi factor out the waste during the manufacturing so as to be able to improve the productivity as well as efficiency.

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