Question

During the taking of its physical inventory on December 31,2008, Genesis company incorrectly counted its inventory as $126,000 instead of the correct amount of $135,000.

Answer 1

Explanation:

Given:

Wrong inventory needed = $126,000

Right inventory need to recorded = $135,000

Correct amount need to record = 135,000 - 126,000

Correct amount need to record = $9,000

Journal entry

Purchase A/c dr    9,000

To Credit or cash  A/c   9,0000