At the End of Its Accounting Year, Getz Corporation's Physical

question 52

Multiple Choice

At the end of its accounting year, Getz Corporation's physical inventory count indicated that 543,345 units of inventory, costing $1.50 each were on hand.The company's perpetual inventory system reported a balance of $817,135. The year end adjusting entry is:

• A)Debit inventory and credit "inventory over and short" $2,117.50
• B)Debit "inventory over and short" and credit inventory $2,117.50
• C)Debit inventory and credit "inventory over and short" $273,790
• D)Debit "inventory over and short" and credit inventory $273,790

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Definitions:

Co-Insurance Clause

A provision in insurance policies that requires the insured party to bear a portion of the loss, promoting the insured's interest in the property's safety.

Fire Insurance

A type of property insurance that covers damage and losses caused by fire.

Policyholder

An individual or entity who owns an insurance policy and is entitled to coverage and benefits under the policy terms.

Destroyed

Refers to something that has been completely ruined or rendered unusable.