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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