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Jayson products uses a perpetual inventory system. at year-end, the inventory account had a balance of $280,000, but a complete year-end physical inventory indicated goods on hand costing only $273,000.
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Feb 22, 2018
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Jayson products uses a perpetual inventory system. at year-end, the inventory account had a balance of $280,000, but a complete year-end physical inventory indicated goods on hand costing only $273,000. jayson should:
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Jayson should : (1) Reduce the balance in its Inventory controlling account and inventory subsidiary ledger by $7,000. (2) Record a $7000 current liability. (3) Reduce the balance in its inventory controlling account and inventory subsidiary ledger by $7000 (4) Reduce the balance in the inventory controlling account and record a current liability both in the amount of $7000.
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