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IgorC [24]
2 years ago
9

A company uses a periodic inventory system and during the December 31, year-end physical inventory count discovered that they ha

ve incurred a $300 shrinkage in inventory. Prepare the necessary adjusting entry to record this shrinkage by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Business
1 answer:
never [62]2 years ago
5 0

Answer:

Debit: Shrinkage expense $300

Credit: Inventory $300

Explanation:

When your business experiences shrinkage, you must adjust your accounting books. Record inventory losses by increasing your Shrinkage Expense account and decreasing your Inventory account.

Debit your Shrinkage Expense account and credit your Inventory account.

To adjust for shrinkage, create a journal entry that looks like this:

Debit Shrinkage expense account by $300

Credit Inventory account $300

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Answer:

$48,100

Explanation:

Computation of total manufacturing cost incurred during the year is seen below;

Direct materials used

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Total factory overhead

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Explanation:

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8 0
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Vilka [71]

Answer: The budgetary fund balance is $10,000

Explanation: When calculating budgetary fund balance, the best method is given as:

The available fund balance (from previous audit) + current year revenues = Total available funds - expenditures = current year ending fund balance

What we can see from the above expression is that we add the fund from the previous year balance to the current year revenues. This will give us amount of total funds available. Now we will minus the current year expenditures from the total funds available to give us the budgetary fund balance of the current year.

From the question above, we have the following:

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3 years ago
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