Question

Flowers are Heaven's accounts at April 30, 2020, included the following used balances The physical count of Inventory showed 8,000 of Inventory on hand. This is the only adjustmeded (Click the icon to view the unadjusted balances) Required a. Journalkre the adjustment for inventory shrinkage Include an explanation Flowers Heaven wes the perpetual Inventory system b. Journalire the closing entries for the appropriate accounts c. Compute the gross margin Unadjusted balances -X Requirement a Journalire the adjustment for inventory shrinkage Include an explanation Flowers Credits. Select the explana the journal entry table.) Journal Entry $ 9600 Date Accounts and Explanations Debit Credit Cost of Goods Hold 76000 Sales Revenue 99.000 Apr Sales Discounts 3.300 Sales Returns and Allowances 2.400 Print Done Requirement b. Joumalize the closing entries for the appropriate accounts Choose from any list or enter any number in the input fields and then continue to the next question

Answer 1

20 Creclit (6) or alternative (Combined entry) Debit ($) D Inventary Account 9600 sales Revenul 99000 Income Summary 108,600 25 81700 2) Income Summary Cost of Goods sold Account Sales Discount Sales Return & allowance 76,000 3300 2400 30 KOKUYO

Ans: Journal Entries Account Debit (6) Credit (6) ). Inventory Income summary Account 9,600 9600 2) Indoput Sunny 76000 Cost of Goods sold 16,000 10 3 Sales Revenue 99,000 aaaa اگههعنمي 99.000 4) Income Summary Sales Discount 3,300 3300 15 2400 sfimame Summary sabs Return & allowance 2,400 20