A Trial Balance Is Presented Below Please Prepare the Adjusting Entry to Inventory

question 166

Essay

A trial balance is presented below.The company uses the perpetual inventory system.A physical inventory reveals only $28,000 of inventory on hand.
$$\begin{array} { | l | r | r | } \hline & { \text { Debit } } & { \text { Credit } } \\\hline \text { Cash } & \$ 12,600 & \\\hline \text { Accounts receivable } & 2,400 & \\\hline \text { Prepaid rent } & 800 & \\\hline \text { Inventory } & 28,000 & \\\hline \text { Accounts payable } & & \$ 4,200 \\\hline \text { Salary payable } & & 1,000 \\\hline \text { Notes payable } & & 800 \\\hline \text { Capital } & & 13,800 \\\hline \text { Drawing } & 1,000 & \\\hline \text { Sales revenue } & &96,000 \\\hline\text { Sales returns and allowances }&1,600\\ \hline \text { Sales discounts } & 400 & \\\hline \text { Cost of goods sold } & 25,000 & \\\hline \text { Salary expense } & 21,000 & \\\hline \text { Rent expens } & 14,000 & \\\hline \text { Depreciation expense } & 8,500 & \\\hline \text { Supplies expense } & 500 & \\\hline \text { Total } & \$ 115,800 & \$ 115,800 \\\hline\end{array}$$
Please prepare the adjusting entry to Inventory.
$$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

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Definitions:

Learned Helplessness

A condition in which a person suffers from a sense of powerlessness, arising from a traumatic event or persistent failure to succeed, theorized to contribute to feelings of depression and anxiety.

Emotional Troubled

Experiencing difficulties and disturbances in one's emotional wellbeing, which may impact day-to-day functioning.

Social-Cognitive Perspective

A psychological framework that emphasizes the role of cognitive processes in understanding social behavior, highlighting how individuals interpret, analyze, and remember social experiences.

Inner Traits

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