![maritzahernandez32](/avatars/14699.jpg)
maritzahernandez32
30.03.2020 •
Business
Novak Corp. had the following account balances at year-end: Cost of Goods Sold $61,200; Inventory $14,550; Operating Expenses $29,960; Sales Revenue $120,310; Sales Discounts $1,080; and Sales Returns and Allowances $1,750. A physical count of inventory determines that merchandise inventory on hand is $12,180.
Prepare the adjusting entry necessary as a result of the physical count.
Solved
Show answers
More tips
- O Other How to Choose the Best Answer to Your Question on The Grand Question ?...
- L Leisure and Entertainment History of International Women s Day: When Did the Celebration of March 8th Begin?...
- S Style and Beauty Intimate Haircut: The Reasons, Popularity, and Risks...
- A Art and Culture When Will Eurovision 2011 Take Place?...
- S Style and Beauty How to Choose the Perfect Hair Straightener?...
- F Family and Home Why Having Pets at Home is Good for Your Health...
- H Health and Medicine How to perform artificial respiration?...
- H Health and Medicine 10 Tips for Avoiding Vitamin Deficiency...
- F Food and Cooking How to Properly Cook Buckwheat?...
- F Food and Cooking How Many Grams Are In a Tablespoon?...
Ответ:
Journal entry
Explanation:
The adjusting entry for the physical count is as follows
Cost of goods sold $2,370
To Inventory $2,370
(Being the adjusted balance is recorded)
The computation is shown below:
= Year end Inventory - physical count of inventory
= $14,550 - $12,180
= $2,370
We simply deducted the physical count of inventory from the year end inventory to find out the adjusted balance which is shown above
Ответ:
she is fun to be around.
Explanation: