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solmaris [256]
3 years ago
5

At the end of the year, assume the balance of Inventory is $109,225 and physical inventory on hand is $106,320. The adjusting jo

urnal entry to record shrinkage will be:_______
a. a $215,545 debit to Cost of Goods Sold and a $215,545 credit to Inventory.
b. a $109,225 debit to Inventory and a $109,225 credit to Cost of Goods Sold.
c. a $2,905 debit to Cost of Goods Sold and a $2,905 credit to Inventory.
d. a $2,905 debit to Inventory and a $2,905 credit to Cost of Goods Sold.
Business
1 answer:
xxMikexx [17]3 years ago
8 0

Answer:

The answer is C. a $2,905 debit to Cost of Goods Sold and a $2,905 credit to Inventory

Explanation:

Here, the physical inventory which is a current asset is lower than the inventory balance in the book. This can happen as a result of theft or error in filling the book.

The reality should be considered. The value of inventory($109,225) on the book balance should be reduced to the value of physical cash($106,320).

The difference should be calculated. The difference here is $2,905

So we debit cost of goods with this value and credit physical inventory on hand.

You might be interested in
Real GDP​ ______. A. accurately measures leisure time and life expectancy comma but does not accurately measure the general heal
professor190 [17]

Answer:

B

Explanation:

Real GDP measure total economic output by an economy in a specific geographical boundary regardless of ownership of factors of production, within a year, ceteris paribus.

Real GDP is a good indicator but is not a perfect indicator as underground economy (private tuition whereby taxes and consumption of goods and services) are not accounted for.

Real GDP does not measure Non-Material standard of living like leisure hours, health and life expectancy... It needs other indicators.

Both B and D is a bit effy as:

For D, GDP does not even measure such Non-Material SOL

For B, GDP is not 100 percent accurate on measuring household production (local production? I believe there is no such phrasing as household production as by economics, household is involved in household spending, Contributing to Consumption expenditure in Aggregate Demand.) as there are other factors like presence of underground economy that is not accounted for.

However, B seems like the most accurate ans as it still measures national output.

5 0
3 years ago
Windsor, Inc. uses a perpetual inventory system and reported $512,000 of inventory at the beginning of the month based on a phys
Lisa [10]

Answer:

--Correct Answer =  $ 2,000

Explanation:

the step by step Workings can be seen below

Beginning Inventory                                           $512,000

Add: Purchases                                                   $53,000

Less: Cost of goods Sold                                   $48,000

Ending Inventory as per perpetual method      $517,000

Less: Ending Inventory as per physical count  $515,000

Shrinkage amount                                                $2,000

7 0
3 years ago
Marco, a real estate agent, receives a dozen emails in his inbox. Six of the emails are inquiries to a new condo listing he has
denis23 [38]

Answer:

Yes because Marco discriminated by ignoring the email due to its appearance of being linked to someone of a different national origin

Explanation:

Real estate agents are not allowed to discriminate against buyers of property. Of they do they can lose their Liscence.

Discrimination is the act of behaving differently

and withholding benefits from people based on their race, colour, religion, sex, or gender.

In this scenario Marco ignores communicating with one of his clients because the email address has a last name in it that appears to be Irish.

He did not consider the application at all resulting in the client losing the opportunity to obtain the new condo.

As a result of this discriminatory action Marco stands the risk of losing his liscence

4 0
3 years ago
A consultant works for $200 per hour. She likes to grow vegetables, but is not very good at it. Why does it make more economic s
galina1969 [7]

Answer:

It is provided that the consultant works for $200 per hour.

Since, for the exchange of her services as a consultant she gets to be paid through $200 monetary benefit, such benefit will not arise in case of growing of vegetables.

Currently she grows vegetables only for her needs, thus, she do not sell them commercially, and also as provided she is not good ion growing vegetables,

The chances of earnings through sale of vegetables is less, as the quality and quantity both served will be low.

Also for exchange of money $200 she can buy all the resources she needs to live, but as she will not be able to earn this much from sale of vegetables, she will not find the economic equilibrium from such sale.

Therefore, she should continue to work as a consultant.

3 0
3 years ago
Jonathan manages a department of 10 people. Once he got to know each of the individual employees, he realized it would be best f
dlinn [17]

Answer: Leader-member exchange

Explanation:

Leader member exchange is the situation where the leader of a group or facility gets to introduce himself to a group; old or new, for business, instructions as regards their dealings and other things hey be doing.

Jonathan applied the leader member exchange when he wanted to know and present his offer to them.

6 0
3 years ago
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