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Mischa Company Has an Inventory Balance of $903,950 on December

question 63

Essay

Mischa Company has an inventory balance of $903,950 on December 31, 2014. During 2015 Mischa purchased merchandise for $97,500 and sold merchandise that had a cost of $714,220.
Instructions
a. Prepare the adjusting entries assuming the inventory count on December 31, 2014 revealed a balance of $914,450.
b. Prepare the adjusting entries assuming the inventory count on December 31, 2015 revealed a balance of $292,370.


Definitions:

Special Kind

A unique or particular type or category that stands out from others.

Draft

An instrument validating an order by a drawer to a drawee to pay a payee.

UCC

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify the laws across the states.

Parties

in legal terms involve individuals, companies, or entities who are directly involved in a lawsuit or legal agreement.

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