The Physical Count of Pope Company Inventory Determined That Inventory $$\begin{array}{ll}\text { Cost of Goods Sold }&400\\\text {Inventory }&&400\\\end{array}$$

question 37

Multiple Choice

The physical count of Pope Company inventory determined that inventory with a cost of $44,200 was on hand at year-end. If the unadjusted balance in the Inventory account is $44,600, Pope will make the following entry:

• A)\[\begin{array}{ll}
• \text { Cost of Goods Sold }&400\\\text {Inventory }&&400\\
• \end{array}\]
• B)\[\begin{array}{ll}
• \text {Inventory }&400\\\text { Cost of Goods Sold}&&400\\
• \end{array}\]
• C)\[\begin{array}{ll}
• \text { Income Summary}&400\\\text { Inventory}&&400\\
• \end{array}\]
• D)\[\begin{array}{ll}
• \text {Gross Profit }&400\\\text { Inventory }&&400\\
• \end{array}\]

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Definitions:

Checks and Balances

A foundational principle in the constitution of many democratic countries, designed to ensure that no single branch of government becomes too powerful, by providing each branch with powers to check the others.

Republicanism

A political ideology centered on citizenship in a state organized as a republic under which the people hold popular sovereignty.

Liberalism

A philosophical ideology that emphasizes freedom, the approval of its citizens, and equal treatment under the law.

Social Inequality

A condition where societal resources are distributed unevenly, typically through norms of allocation that engender specific patterns along lines of socially defined categories of persons.