The General Ledger Shows a Balance of $65,300 in the Inventory

question 17

Multiple Choice

The general ledger shows a balance of $65,300 in the Inventory account at the end of the period.A physical inventory shows a count of $67,900.The adjusting entry would be a:

• A) debit to Cost of goods sold and a credit to Inventory.
• B) debit to Cost of goods sold and a credit to Cash.
• C) debit to Inventory and a credit to Cost of goods sold.
• D) debit to Inventory and a credit to Cash.

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Definitions:

Organization

A structured group of people working together to achieve common goals or objectives through a division of labor and a hierarchy of authority.

Different Values

Varied beliefs or principles that individuals or groups consider important, influencing their actions and decisions.

Socialization

The process by which individuals learn and adopt the norms, values, and behaviors appropriate to their society or social group.

Employee Ambassadors

Employees who represent and promote their company's brand, values, and mission both inside and outside the organization.