Melrose St. Book Shop's unadjusted Merchandise Inventory at June 30, 2024 was $6,600. The cost associated with the physical count of inventory on hand on June 30, 2024, was $5,950. In addition, Melrose St. Book Shop estimated approximately $1,300 of merchandise sold will be returned with a cost of $900. Requirements 1. Journalize the adjustment for inventory shrinkage. 2. Journalize the adjustment for estimated sales returns. Requirement 1. Journalize the adjustment for inventory shrinkage. (Record debits first, then credits. Exclude explanations from journal entries.) Date Jun. 30 Accounts Debit Credit
Melrose St. Book Shop's unadjusted Merchandise Inventory at June 30, 2024 was $6,600. The cost associated with the physical count of inventory on hand on June 30, 2024, was $5,950. In addition, Melrose St. Book Shop estimated approximately $1,300 of merchandise sold will be returned with a cost of $900. Requirements 1. Journalize the adjustment for inventory shrinkage. 2. Journalize the adjustment for estimated sales returns. Requirement 1. Journalize the adjustment for inventory shrinkage. (Record debits first, then credits. Exclude explanations from journal entries.) Date Jun. 30 Accounts Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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