question archive The Merchandise Inventory account balance is $50,000
The Merchandise Inventory account balance is $50,000
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The Merchandise Inventory account balance is $50,000. A physical count of inventory reveals that actual inventory balance is $42,000. Which of the following would be included in the adjusting entry? (Assume a perpetual inventory system.)
a. $42,000 credit to Merchandise Inventory
b. $50,000 debit to Cost of Goods Sold
c. $8,000 credit to Cost of Goods Sold
d. $8,000 credit to Merchandise Inventory
Option 1
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Option 2
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