Solved

If a Difference Is Found Between the Physical Count and the Amount

Question 61

Multiple Choice

If a difference is found between the physical count and the amount in the perpetual inventory records, an adjusting entry is made to which of the following accounts?


A) Inventory Short and Over
B) Purchases
C) Accounts Payable
D) Accounts Receivable

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q56: Journalize the necessary adjusting entries for the

Q57: If beginning inventory is $80,000 and ending

Q58: The amount of inventory on hand is

Q59: Cash received prior to delivering a product

Q60: Merchandise Inventory is listed as a(n)<br>A) current

Q62: Unearned Revenue is a liability account.

Q63: Only the adjusted credit balance in the

Q64: If the ending inventory is understated for

Q65: Cash received in advance for performing a

Q66: The merchandise inventory account always reflects the