The company just took a physical count of inventory and found $75 worth of inventory wasunaccounted for. It was either stolen or damaged. Which journal would the company use to record thecorrection of the error in inventory?A. sales journalB. purchases journalC. cash receipts journalD. cash disbursements journalE. general journal

The company just took a physical count of inventory and found $75 worth of inventory wasunaccounted for. It was either stolen or damaged. Which journal would the company use to record thecorrection of the error in inventory?A. sales journalB. purchases journalC. cash receipts journalD. cash disbursements journalE. general journal

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 10MC: The company just took a physical count of inventory and found $75 worth of inventory was unaccounted...

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We record purchases of inventory for cash in which journal(s)?
The company just took a physical count of inventory and found $75 worth of inventory was unaccounted for. It was either stolen or damaged. Which journal would the company use to record the correction of the error in inventory? Group of answer choices 1.sales journal 2.purchases journal 3.general journal 4.cash disbursements journal
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A retailer’s physical count of inventory was higher than that shown by the perpetual records.Which of the following could explain the difference?a. Inventory items had been counted, but the tags placed on the items had not been taken off and added to the inventory accumulation sheets.b. Credit memos for several items returned by customers had not been recorded.c. No journal entry had been made on the retailer’s books for several items returned to its suppliers.d. An item purchased FOB shipping point had not arrived at the date of the inventory count and had not been reflected in the perpetual records.
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the home office records inventory shipments to the branch by debiting the "shipments to branch account" a. true b. false
udding Search for Corporat... Which document authorizes the purchase of the inventory from an approved vendor? the petty cash voucher the receiving report the purchase order the vendor's invoice
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