The Trial Balance of a Retailer Is as Follows $\text { Total } \$ \$ 114800 \quad \$ 114800$

question 38

Multiple Choice

The trial balance of a retailer is as follows.A physical count of inventory at the end of the accounting year reveals $27 000 of inventory on hand.(Assume a perpetual inventory system. ) $\begin{array}{lr}&\text { Debit } &\text { Credit } \\\text { Cash } & \$ 12600 \\\text { Accounts receivable } & 2400 \\\text { Prepaid rent } & 800\\\text { Inventory }\quad\quad\quad 29000 \\\text { Accounts payable }\quad\quad \$ 4200 \\\text { Salaries payable } \quad 1000 & \\\text { Loan payable } \quad 800 & \\\text { Smith, Capital } \quad 13800 &\\\text { Drawings } \quad 1000 \\\text { Sales revenue }\quad\quad95,000 \\\text { Sales returns and allowances } \quad 16000\\\text {Sales discounts} \quad 400\\\text {Cost of sales} \quad 23000\\\text {Salaries expense} \quad21000\\\text {Rent expense } \quad14000\\\text {Depreciation expense} \quad 8500\\\text {Supplies expense } \quad\quad 500\\\end{array}$
$\text { Total } \$ \$ 114800 \quad \$ 114800$
What is the journal entry to record the inventory shortfall?

• A) \[\begin{array} { | c | l | l | }
• \hline \text { Cost of sales } & 27000 & \\
• \hline \text { Inventory } & & 27000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | l | l | }
• \hline \text { Inventory } & 27000 & \\
• \hline \text { Cost of sales } & & 27000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | l | l | }
• \hline \text { Cost of sales } & 2000 & \\
• \hline \text { Inventory } & & 2000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | c | l | l | }
• \hline \text { Inventory } & 2000 & \\
• \hline \text { Cost of sales } & & 2000 \\
• \hline
• \end{array}\]

Comprehend the stages of cognitive development as proposed by Piaget, including key characteristics and capabilities of each stage.

Identify and explain the development of theory of mind in young children.

Recognize the role of language and verbal self-regulation in cognitive development as highlighted by Vygotsky.

Understand the concept of conservation and mathematical transformations as part of concrete operational thinking.

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Definitions:

Ratio

A quantitative relationship between two numbers showing the number of times one value contains or is contained within the other.

Atmospheric Layer

A region in the Earth's atmosphere differentiated by characteristics such as temperature and composition, including the troposphere, stratosphere, mesosphere, thermosphere, and exosphere.

Ozone

A molecule composed of three oxygen atoms, significant for its role in absorbing harmful ultraviolet radiation in the Earth's stratosphere.

Smog

A type of air pollution characterized by a mixture of smoke and fog, often resulting from industrial emissions and vehicle exhaust.