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Category > Accounting Posted 06 May 2017 My Price 5.00

Larkin Company employs the perpetual inventory system

Larkin Company employs the perpetual inventory system. Cost of Goods Sold for the year before any adjustment is $553,250. The computer record shows the amount of ending inventory to be $369,583, while the physical count shows ending inventory to be $362,720. Record the adjustment into T accounts and then journalize the adjusting entry.

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Alpha Geek
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Status NEW Posted 06 May 2017 10:05 AM My Price 5.00

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file 1494066101-Answer.docx preview (102 words )
M-----------ay -----------05 -----------201-----------7 0-----------5:4-----------1 P-----------M -----------Lar-----------kin----------- Co-----------mpa-----------ny -----------emp-----------loy-----------s t-----------he -----------per-----------pet-----------ual----------- in-----------ven-----------tor-----------y s-----------yst-----------em.----------- Co-----------st -----------of -----------Goo-----------ds -----------Sol-----------d f-----------or -----------the----------- ye-----------ar -----------bef-----------ore----------- an-----------y a-----------dju-----------stm-----------ent----------- is----------- $5-----------53,-----------250-----------. T-----------he -----------com-----------put-----------er -----------rec-----------ord----------- sh-----------ows----------- th-----------e a-----------mou-----------nt -----------of -----------end-----------ing----------- in-----------ven-----------tor-----------y t-----------o b-----------e $-----------369-----------,58-----------3, -----------whi-----------le -----------the----------- ph-----------ysi-----------cal----------- co-----------unt----------- sh-----------ows----------- en-----------din-----------g i-----------nve-----------nto-----------ry -----------to -----------be -----------$36-----------2,7-----------20.----------- Re-----------cor-----------d t-----------he -----------adj-----------ust-----------men-----------t i-----------nto----------- T -----------acc-----------oun-----------ts -----------and----------- th-----------en -----------jou-----------rna-----------liz-----------e t-----------he -----------adj-----------ust-----------ing----------- en-----------try-----------. -----------Ans-----------wer----------- T-----------han-----------k y-----------ou -----------for----------- yo-----------ur -----------int-----------ere-----------st -----------and----------- bu-----------yin-----------g m-----------y p-----------ost-----------ed -----------sol-----------uti-----------on.----------- Pl-----------eas-----------e
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