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Rasek [7]
3 years ago
7

Madison Company's perpetual inventory records indicate that $875,300 of merchandise should be on hand on October 31. The physica

l inventory indicates that $781,900 is actually on hand. Journalize the adjusting entry for the i nventory shrinkage for Madison Company for the year ended October 31.
Business
1 answer:
Trava [24]3 years ago
4 0

Answer:

Madison Company's Journal entry

Dec. 31

Dr Cost of Merchandise Sold 93,400

($875,300-$781,900)

Cr Merchandise Inventory 93,400

Explanation:

If the perpetual inventory records $875,300 of merchandise while the physical inventory indicates $781,900 which means we have to deduct $781,900 from $875,300 which made us to arrived at $93,400 as Debited Cost of Merchandise Sold and as Credited Merchandise Inventory .

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bazaltina [42]

Answer: $3,940

Explanation:

Purchase from Diamond

The company received a discount of 2% because they paid within 10 days as per the terms of the sale.

Cost of inventory from Diamond:

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= (4,100 - 1,100) * 98%

= $2,940

Purchase from Club

Discount period expired so the full $1,000 is paid.

Total inventory cost:

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4 0
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Airida [17]

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6 0
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Which phrase best completes the diagram?
igomit [66]
Low gross domestic product
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Partially completed units in ending work in process are 100 percent complete with regard to their direct materials costs if the
Rudik [331]

Answer:

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