Delmar Industries uses the perpetual inventory method in accounting for inventory. Prepare the necessary adjusting entry for each of the following Independent case using the cost of goods sold account. If an amount box does not require an entry, leave it blank. Case 1 Physical count as of April 30 $43,100 Perpetual inventory records as of April 30 41,800 Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 30 Merchandise Inventory v 1,300 V 1 Cost of Goods Sold v 2 1,300 V 2 Feedback If an amount box does not require an entry, leave it blank. Case 2 Physical count as of April 30 $37,800 Perpetual inverntory records as of April 30 38,300 Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 30 Cost of Goods Sold v 1,500 1 Merchandise Inventory 1,500 х 2

Delmar Industries uses the perpetual inventory method in accounting for inventory. Prepare the necessary adjusting entry for each of the following Independent case using the cost of goods sold account. If an amount box does not require an entry, leave it blank. Case 1 Physical count as of April 30 $43,100 Perpetual inventory records as of April 30 41,800 Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 30 Merchandise Inventory v 1,300 V 1 Cost of Goods Sold v 2 1,300 V 2 Feedback If an amount box does not require an entry, leave it blank. Case 2 Physical count as of April 30 $37,800 Perpetual inverntory records as of April 30 38,300 Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 30 Cost of Goods Sold v 1,500 1 Merchandise Inventory 1,500 х 2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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