Homework Answers
Journal Entry Would be:
| Date | Account Name | Debit | Credit |
| Dec.31 | Cost Of Good Sold |
$2000 |
|
| To Merchandise Inventory | $2000 | ||
| (To adjust inventory to match the physical count.) |
Explanation:
As per general ledger ending inventory is $ 1,40,000.
As per physical count ending inventory is $ 1,38,000
So, shortage of $2000 ( $140000- $ 138000) will be debited to cost of good sold, and Inventory account will be credited to reduce the inventory.
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