Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. teeshirts inc. paid 6,000 for shirts on august 14,

Teeshirts inc. paid 6,000 for shirts on August 14, 2020. By its financial year-end on...

90.2K

Verified Solution

Question

Accounting

Teeshirts inc. paid 6,000 for shirts on August 14, 2020. By its financial year-end on November 30th, the company had sold shirts worth 5,400 for a total of net value of 11,350. The remaining inventory was slightly damaged and will only be able to be sold for a price lower than its original acquisition cost, i.e. the estimated value at which the remaining shirt will be sellable is 500.

The journal entry that is necessary on November 30, 2020 in order to report the correct value of inventory in the financial statements, is

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A company has a proposed 2-year project with the cash flows shown below and would like...

Finance
Q

Contrast frequent patterns, associations, and correlations.

Statistics
Q

What role does structure play in the ductility of a material? Discuss the way bonding influences...

Chemistry
Q

Outline (with words) the process of photosynthesis. Include the following forms of energy and molecules: sunlight;...

Biology
Q

Unlike most other modernist poets, William Carlos WilliamsA. had two professions: chef and poetB. had...

Biology
Q

A mass of 4 kg lies on a plane making an angle 30 to the...

Physics
Q

Two large numbers of the Fibonacci sequence are F(49) - 7,778,742,049 andA(50) = 12,586,269,025. If...

Basic Math
Q

yz corporation has a deferred compensation plan under which it allows certain employees to defer...

Accounting
Q

Calculating the Number of Shares Issued Castalia Inc. issued shares of its $3.50 par value...

Accounting
Q

in which of the financial statements would paid-in capital from sale of treasury stock be...

Accounting
Q

is: 32 In July a company pays two years' advertising in advance. The December 31...

Accounting
Q

Aloft Beyond, Corp., is a for-profit corporation duly organized in 2014 under the laws of...

Accounting