You discover that a sale of a product was made on account and recorded in...
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Accounting
You discover that a sale of a product was made on account and recorded in December for $148,500; the product has not yet been shipped (i.e. delivered to the customer). The cost of the product was 55% of its selling price.CMC uses the perpetual inventory method.
What is the adjusting Journal Entry for this? Would you create two entries? One for the Sales Revenue and the other for inventory to adjust them both?
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