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NEW QUESTION: 1
When a perpetual inventory system is used and a difference exists between the perpetual inventory amount balance and the physical inventory count. a separate entry is needed to adjust the perpetual inventory amount. Which of the following demonstrates that adjusting entry?
A. Inventory over and short Inventory
B. Extraordinary loss due to write-down of inventory Allowance for inventory shortages
C. Cost of goods sold Retained earnings appropriated for shortages
D. Extraordinary loss due to write-down of inventory
Answer: A
Explanation:
The entry to record a write-down is a debit to inventory over and short and a credit to inventory. This amount is reported as an adjustment of cost of goods sold or as an other expense on the income statement.
NEW QUESTION: 2
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Choose 2 answers
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B. Marketing Cloud Email Marketing Manager
C. Marketing Cloud Channel Manager
D. Marketing Cloud Administrator
Answer: C,D
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A. Option D
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Explanation
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