[The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the fol balances (Nix'lt uses the perpetual inventory system). Merchandise inventory Retained earnings $ 37,800 Sales returns and al Cost of goods sold 7,000 Depreciation expense Salanior oxn 115, 300 Dividends Salor 160 200
[The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the fol balances (Nix'lt uses the perpetual inventory system). Merchandise inventory Retained earnings $ 37,800 Sales returns and al Cost of goods sold 7,000 Depreciation expense Salanior oxn 115, 300 Dividends Salor 160 200
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
Related questions
Question
4
![Required information
[The following information applies to the questions displayed below.]
Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal
balances (Nix'lt uses the perpetual inventory system).
Merchandise inventory
Retained earnings
Dividends
$ 37,800
115,300
7,000
160, 200
4,700
$ 6,500
105,e00
10, зее
32,500
5,000
Sales returns and allowances
Cost of goods sold
Depreciation expense
Salaries expense
Miscellaneous expenses
Sales
Sales discounts
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is
$35,900.
Prepare the entry to record any inventory shrinkage.
< Prev
12
of 14
Next >
11](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a3b1caa-039a-40b9-b362-947b721d7e4c%2F953e415f-b59b-4ec7-abfc-e7dc56b34bc8%2F9uw87y_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal
balances (Nix'lt uses the perpetual inventory system).
Merchandise inventory
Retained earnings
Dividends
$ 37,800
115,300
7,000
160, 200
4,700
$ 6,500
105,e00
10, зее
32,500
5,000
Sales returns and allowances
Cost of goods sold
Depreciation expense
Salaries expense
Miscellaneous expenses
Sales
Sales discounts
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is
$35,900.
Prepare the entry to record any inventory shrinkage.
< Prev
12
of 14
Next >
11
![Required information
View ransaction ist
Journal entry worksheet
1
Record the adjustment for inventory shrinkage based on physical count.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
July 31
...
< Prev
11 12
of 14
Next >
...](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a3b1caa-039a-40b9-b362-947b721d7e4c%2F953e415f-b59b-4ec7-abfc-e7dc56b34bc8%2F0729ui_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
View ransaction ist
Journal entry worksheet
1
Record the adjustment for inventory shrinkage based on physical count.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
July 31
...
< Prev
11 12
of 14
Next >
...
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub