Multiple Choice
A firm uses the perpetual inventory system. The inventory account balance is $50 000. An actual count of inventory reveals that actual inventory is $43 000. Which of the following would be included in the required adjusting entry?
A) A $7 000 credit to Cost of sales would be required.
B) A $50 000 debit to Cost of sales would be required.
C) A $43 000 credit to Inventory would be required.
D) A $7 000 credit to Inventory would be required.
Correct Answer:
Verified
Correct Answer:
Verified
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