When the Physical Count of Rosanna Company Inventory Had a Cost

question 70

Short Answer

When the physical count of Rosanna Company inventory had a cost of $4,350 at year end and the unadjusted balance in Inventory was $4,500, Rosanna will have to make the following entry: a. $\begin{array}{lr}\text {Cost of Goods Sold }\quad&150\\\text {Inventory }&&150\\\end{array}$

b. $\begin{array}{lr}\text { Inventory}&150\\\text {Cost of Goods Sold }\quad&&150\\\end{array}$

c. $\begin{array}{lr}\text {Income Summary }\quad\quad&150\\\text {Inventory }&&150\\\end{array}$

d. $\begin{array}{lr}\text {Cost of Goods Sold }&4,500\\\text {Inventory }&&4,500\\\end{array}$

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Definitions:

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