Problem

Mary Monitor, CPA, noted that ABC Co. received goods prior to year-end that were included...

Mary Monitor, CPA, noted that ABC Co. received goods prior to year-end that were included in physical inventory but had not been recorded. In this case, which of the following adjustments should be made? 

A. Debit Purchases/credit Cost of Goods Sold.

B. None.

C. Debit Inventory/credit Accounts Payable.

D. Debit Cost of Goods Sold/credit Accounts Payable.

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