A retailer uses a perpetual inventory method. At year end, the trial balance shows a...
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Accounting
A retailer uses a perpetual inventory method. At year end, the trial balance shows a debit balance of $167,000 and cost of goods sold of $459,000. However, the physical count of inventory was $156,000.
What is the resulting year end adjusting entry?
The journal entry requires a debit to __________ a.Supplies expense b.Accounts payable c.Cost of goods sold d.inventory expense e.Inventory f.Supplies and a credit to __________ a.Cost of goods sold b.Supplies c.Inventory d.Accounts payable e.Supplies expense f.inventory expense
Calculate cost of goods sold
After the above adjusting entry, what was cost of goods sold for the year? $_________
Calculate cost of goods sold
After the above adjusting entry, what was cost of goods sold for the year?
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