This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Woods company uses the perpetual inventory system. At year end the general ledger indicated that ... (Read 315 times)

kellyjaisingh

  • Hero Member
  • *****
  • Posts: 540
on: Feb 18, 2020
Woods company uses the perpetual inventory system. At year end the general ledger indicated that this company had a balance of $47,000 in the Inventory account. Actual inventory on hand per a physical count was $48,500. What action does the company now need to take?
◦ No action is needed; the difference between the ledger and actual is less than 5%.
◦ The company should debit the Purchases account and credit Cost of Goods Sold.
◦ The company needs to debit Cost of Goods Sold and credit Inventory, $1,500.
◦ The company needs to debit Inventory and credit Cost of Goods Sold for $1,500.
Financial Accounting ¦ Kemp, Waybright ¦ 5th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by kellyjaisingh on Feb 18, 2020

Pariscourtney

  • Sr. Member
  • ****
  • Posts: 352
Reply #1 on: Feb 18, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 39% of students answer this correctly


b0dhi

  • Newbie
  • *
  • Posts: 1
Reply #2 on: Apr 13, 2022
thank you


Andrea

  • Newbie
  • *
  • Posts: 1
Reply #3 on: Apr 19, 2022
Thank you


« previous next »
 

Did you know?

Atropine, along with scopolamine and hyoscyamine, is found in the Datura stramonium plant, which gives hallucinogenic effects and is also known as locoweed.

Did you know?

Aspirin may benefit 11 different cancers, including those of the colon, pancreas, lungs, prostate, breasts, and leukemia.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

Did you know?

When blood is exposed to air, it clots. Heparin allows the blood to come in direct contact with air without clotting.

The lymphatic system. Lymphatic vessels, major lymph nodes, and lymphatic organs. The direction of l The lymphatic system. Lymphatic vessels, major lymph nodes, and lymphatic organs. The direction of l
Ears, nose, and throat (ENT) system. Ears, nose, and throat (ENT) system.
The Ventricular System of the Brain The Ventricular System of the Brain
Organization of the Nervous System Organization of the Nervous System
Typical port fuel-injection system, indicating the location of various components. Notice that the ... Typical port fuel-injection system, indicating the location of various components. Notice that the ...
Determine the nominal annual rate of interest of the following ordinary general annuity. Determine the nominal annual rate of interest of the following ordinary general annuity.
Video: Lipid catabolism - lipolysis and beta oxidation and oxidation of fatty acids

For a complete list of videos, visit our video library